The empirical evidence suggests that firms in high-tech industries exhibit high stock return volatility. In this paper, we conceive of the R&D investment intensity as a possible explanation for the stock volatility behavior in these industries. We suggest that R&D activities generate information asymmetry about the prospects of the firm and make its stock riskier. Relying on Panel data models, we investigate this relationship for French high-tech firms. We find out a strong positive relationship between stock return volatility and R&D investment intensity. This finding suggests that R&D intensive firms should implement an efficient information disclosure policy to reduce information asymmetry and to avoid excessive stock return volatility.

Using the theory of planned behaviour (TPB), we examined the impact of age on entrepreneurial intention, with special focus on seniors. Using samples from France reflecting a broad age range, a negative relationship involving age and entrepreneurial intent was found. Consistent with TPB, attitude, social norms, and perceived behavioural control were all significantly associated with intent. Importantly however, the relative weight seniors gave these components differed from that of prime age participants. For seniors, the belief that they had the requisite competencies and resources needed to own a business was especially important. Seniors also expressed greater relative interest in social entrepreneurship. The implications of these findings for both researchers and public policy makers are considered.

Purpose This study aims to investigate whether threshold effects exist in the relationship between board gender diversity and firm performance. Design/methodology/approach This study applies the panel smooth threshold regression model (PSTR) to a sample of 284 non-financial French firms listed on Euronext Paris over the period 2009–2017. Firm performance proxies are Tobin’s Q and return on assets (ROA). The board gender diversity is measured by the percentage of women participation in board. Findings Threshold effects in the relationships between board gender diversity and firm performance measures are found. For Tobin’s Q, the model has one threshold at the 34.17% of women directors’ appointment on boards. Similarly, for ROA, the model has one threshold at the 38.28% of women presence in the board. The results show that above the estimated threshold, women directorship has a positive impact on firm performance. However, below the threshold, there is a neutral relationship. The findings support the critical mass view that a minimum of one third women representation in board is compulsory to achieve the desired effect of gender diversity. Practical implications This study’s finding provides useful insights to managers, investors and policymakers. Managers and investors can identify the adequate board gender diversity levels that enhance firm performance. Policymakers are divided on whether mandatory or voluntary board gender quota should be adopted. This study suggests that a quota of one third can be used in policy implementation. Originality/value Unlike prior studies that consider the relationship between firm performance and board gender diversity as linear, to the best of the authors’ knowledge, this study is the first to investigate the threshold effects in this relationship using a new econometric approach.

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