Board Characteristics and Intellectual Capital Performance: A Comparison of Service vs. Manufacturing Firms in India

G Bharathi Kamath


Purpose: This study aims at analysing the board characteristics of select manufacturing and service firms in India. It attempts to explore whether these characteristics influence Intellectual capital (IC) efficiency of service sector firms or manufacturing firms.

Design: The study uses panel data and multiple regression to examine the firms’ performance. The period of study is three years from 2015-16 to 2017-18; thirty firms each from manufacturing and service sector is taken for study.

Findings: The empirical evidence is quite interesting. The board characteristics of both groups have varied differences. It can also be observed clearly that the impact of board characteristics on IC performance is more in the service sector than in the manufacturing sector.

Research limitations/implications: the study focusses only on select firms from manufacturing and service sector as a preliminary study. The study can be expanded to cover sectors and industries.

Originality and value: There are several research studies that try to explore the impact of corporate governance on the financial performance of firms. However, there are none which looks into their impact on the intangible performance of firms.


Intellectual capital, Human capital, Board characteristics, performance, Service Sector

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