Female Directors and Investment Efficiency: New Evidence from an Emerging Market

Q3 Business, Management and Accounting

Indian Journal of Corporate Governance Pub Date : 2023-12-01 DOI:10.1177/09746862231205649

T. Dao, Quoc Trung Tran, Thi Bich Nga Vuong, Son Dai Le

引用次数: 0

Abstract

Prior studies show that the effect of female directors on corporate investment efficiency is mixed. This article investigates this relationship in a weak corporate governance setting. With a data of 4,653 firm-years from 582 firms listed in Vietnam during the period 2009–2020, we find that female directors decrease corporate investment efficiency through increasing underinvestment and they have no significant effect on overinvestment. Moreover, the negative relationship between female directors and investment efficiency is stronger in state-owned firms.

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女性董事与投资效率：新兴市场的新证据

先前的研究表明，女性董事对公司投资效率的影响是混合的。本文研究了弱公司治理环境下的这种关系。利用2009-2020年越南582家上市公司的4653个公司年的数据，我们发现女性董事通过增加投资不足而降低了公司的投资效率，而对过度投资没有显著影响。此外，在国有企业中，女性董事与投资效率之间的负向关系更强。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Indian Journal of Corporate Governance Business, Management and Accounting-Business and International Management

CiteScore

2.00

自引率

0.00%

发文量

期刊介绍： Indian Journal of Corporate Governance is a bi-annual refereed journal that provides a forum for discussions and exchanging views on a wide range of corporate governance issues ranging from board practices, independent directors, whistle blower policies and shareholder activism on one hand to media’s role in corporate governance, corporate social responsibility and sustainability reporting on the other. It comprises of research articles, concept papers, case studies and reports providing a blend of theory and practices of corporate governance globally to cater to the interests of practitioners, academics, researchers and policy makers.