الأثر الوسيط لكفاءة رأس المال الفكري على العلاقة بين خصائص مجلس الإدارة وأداء الشركات غير المالية المقيدة بالبورصة المصرية

الملخص EN

The research aims to study and test the relationships between the board characteristics, the intellectual capital efficiency, and the performance of non-financial companies listed in the Egyptian stock exchange, and to determine whether there is an indirect effect of the board characteristics on the performance of companies through the intellectual capital efficiency as a mediating variable for the relationship under study.

by focusing on five board characteristics are: board size, board independence, meetings frequency, CEO duality, and the representation of women on the board of directors for a sample of non-financial companies listed in the Egyptian stock exchange for the period from 2016 to 2019.

using the path analysis method as one of the structural equations models, the study concluded in the fundamental analysis stage that there is a direct positive and significant effect of board size and the meetings frequency on the performance of companies as measured by the return on assets.

while there is a direct negative and significant effect of the board independence on the performance of companies, while there is no direct effect of the CEO duality and the representation of women in the board of directors on performance.

on the other hand; the study concluded that there is a direct, positive and significant effect of the board size on the intellectual capital efficiency of companies, as measured by the added value coefficient of intellectual capital, while there is no direct effect of the board independence, CEO duality, the representation of women in the board of directors, and the meetings frequency on the intellectual capital efficiency.

the results of the research also showed that there is a direct positive and significant impact of the intellectual capital efficiency on the performance of companies.

in addition, the research found that there is a positive and significant indirect effect of the board size on the company's performance, and there is also a negative and significant indirect effect of the board independence on the companies' performance.

this indicates that the intellectual capital efficiency partially mediates the relationship between the board size and the performance of the company.

there is also no indirect effect of the CEO duality, women's representation in the board of directors, and the meetings frequency.

to ensure the accuracy and integrity of the study results; some additional analyzes were carried out using a alternative measures for the company's performance variable and the intellectual capital efficiency variable, and also excluding control variables; the results came in complete agreement with the results of the fundamental analysis, which indicates the strength, accuracy and integrity of the results reached in the fundamental analysis.

these results are important to the financial supervisory authority, the Egyptian stock exchange, company managers and all stakeholders.