Figure 1
The figure starts with a text box positioned in the center left, labeled “Intellectual Capital (I C)” with a bullet point “V A I C or M V A I C”. A rightward arrow points from this text box to another one positioned in the center right, labeled “Financial Performance (F P)” with a bullet point “R O A”. A text box is positioned directly above the rightward arrow, labeled “Female Board Inclusion (F B I)” with two bullet points: “F B R” and “B I”. A downward arrow points from the text box to the rightward arrow and a dashed downward arrow points from the text box to “Financial Performance (F P)”. A text box labeled “Controls,” listing “E SIZE, L E V, S G, N B R, B SIZE”, is positioned directly below “Financial Performance (F P)”. An upward arrow points from the former to the latter.Conceptual framework