How to make ladies take higher risk? Female executives and corporate risk-taking in China: board social capital and marketization

IF 16.4 1区 化学 Q1 CHEMISTRY, MULTIDISCIPLINARY
Xin Liu, Shengda Cui, Chenxi Du, Eric R. Brisker
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Abstract

PurposeThe purpose of this paper is to examine the relationship between Chinese female executives and corporate risk-taking the contingencies that affect this relationship.Design/methodology/approachA integrated theoretical framework was established, on the basis of which theoretical hypotheses were developed and tested using 20,315 firm-year observations collected from China’s publicly listed companies during the period 2005–2020. Data were collected from China's Shanghai and Shenzhen A-share Stock Exchanges and analyzed using a moderated regression analysis, PSM, 2SLS-IV and PSM-DID model.FindingsThe empirical results indicate a negative effect of the ratio of female executives in top management team on corporate risk-taking, and this negative effect can be weakened by the social capital of board directors and the regional marketization.Research limitations/implicationsThe paper contributes to research on the relationship between female executives and risk-taking by considering the effect of eastern culture on female executives’ business decision-making and examining the moderating factors inside and outside the firm.Practical implicationsThe paper illustrates the active steps that corporations can take to enhance female executives' willingness and capacity to take firm-related risks so as to improve the firm value in the long run.Originality/valueThe paper explores how Chinese culture and Chinese traditional value affect female executives’ decision-making on risky projects or uncertain investments. In addition, our study for the first time examines the moderating effect of board social capital as an internal factor and marketization as an external one on the relationship between Chinese female executives and corporate risk taking. The research examines the gender inequality in the work and competitive environment facing female executives in the areas of different marketization level, which would affect female executives’ cognition and motivation in corporate risk taking.
如何让女性承担更高风险?中国女性高管与企业风险承担:董事会社会资本与市场化
本文旨在研究中国女性高管与企业风险承担之间的关系,以及影响这种关系的偶然因素。本文建立了一个综合理论框架,在此基础上提出了理论假设,并使用 2005-2020 年期间从中国上市公司收集的 20,315 个公司年观测数据进行了检验。研究结果实证结果表明,高层管理团队中女性高管的比例对企业风险承担有负向影响,而董事会的社会资本和地区市场化会削弱这种负向影响。研究局限/意义本文通过考虑东方文化对女性高管商业决策的影响,并研究企业内外部的调节因素,为女性高管与风险承担关系的研究做出了贡献。原创性/价值本文探讨了中国文化和中国传统价值观如何影响女性高管对风险项目或不确定投资的决策。此外,我们的研究还首次探讨了作为内部因素的董事会社会资本和作为外部因素的市场化对中国女性高管与企业风险承担之间关系的调节作用。本研究探讨了不同市场化水平地区的女性高管在工作和竞争环境中所面临的性别不平等,这将影响女性高管对企业风险承担的认知和动机。
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
Accounts of Chemical Research
Accounts of Chemical Research 化学-化学综合
CiteScore
31.40
自引率
1.10%
发文量
312
审稿时长
2 months
期刊介绍: Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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