Effect of Intellectual Capital, Environmental, Social and Governance Performance, and Competitive Advantage on Firm Value in Asian Companies: The Role of Board Gender Diversity as a Moderating Variable

Purpose: This study aims to examine the effects of intellectual capital (IC), environmental, social, and governance (ESG), and competitive advantage (CA) on firm value (FV), with board gender diversity (BGD) as a moderating variable. Methodology/Design/Approach: The population comprises companies in the Asian region from 2015 to 2023. Companies were based on specific criteria, resulting in 637 companies with 5733 observations. The study used multiple regressions and moderated multiple regressions in data analysis. Finding/Result: The findings indicate that IC has a negative and significant effect on FV. ESG performance has a positive and insignificant effect on FV, while CA has a positive and significant effect on FV. BGD moderates the relationship between IC, ESG, and CA on FV. It strengthens the effect of CA on FV and weakens the relationship between IC and ESG on FV. Practical Implications: Companies must pay attention to IC, CA and BGD, these variables influence investor’s reactions in determining investments. The government should monitor ESG-related corporate activities to ensure alignment with sustainable business strategies. Institutions related to sustainability issues develop standardized ESG disclosure. Originality/Value: The results contribute to signaling theory and resource-based theory. Limited prior research utilizes BGD as a moderating variable, highlighting the novelty of this study.