The Effect of Board Diversity on Firm Performance: Evidence from Chinese L isted Companies

Q3 Business, Management and Accounting

Indian Journal of Corporate Governance Pub Date : 2020-05-19 DOI:10.1177/0974686220923793

Waqas Bin Khidmat, Muhammad Nasir Ayub Khan, H. Ullah

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引用次数: 24

Abstract

Abstract Drawing on the upper echelon’s theory and the resource-based theory, the purpose of the study is to examine the impact of board diversity on the Chinese A-listed firm’s performance. The data were collected from A-listed companies registered in Shanghai SSE 180 and the Shenzhen 100 from the period 2007 to 2016. Since some of the companies got listed after 2007, our data is unbalanced. Both fixed effects model and a more robust dynamic panel generalised method of moment estimation are applied to cater the endogeneity problem. After controlling for several firms and board characteristics, we found gender diversity, education diversity and foreign national diversity measured through Blau index have a positive and significant effect on the Chinese A-listed firm performance for both the accounting and market measures. The age diversity and independence diversity seem not to be an essential determinant of firm performance in Chinese A-listed firms. The results supported the efficient monitoring hypothesis and managerial networking theory, which suggests that the director’s diversity reduces the managerial entrenchment on the one hand, while, through networking, increases the resources of the firms on the other side.

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董事会多元化对公司绩效的影响:来自中国L型上市公司的证据

摘要本文借鉴上层理论和资源基础理论，探讨董事会多样性对中国a股上市公司绩效的影响。数据收集自2007年至2016年在上海上证180指数和深圳100指数注册的a股上市公司。由于有些公司是2007年以后上市的，所以我们的数据是不平衡的。采用固定效应模型和更鲁棒的动态面板广义矩估计方法来解决内生性问题。在控制了多个公司和董事会特征后，我们发现通过Blau指数衡量的性别多样性、教育多样性和外国国籍多样性在会计和市场指标上对中国a上市公司绩效都有显著的正向影响。在中国a上市公司中，年龄多样性和独立性多样性似乎不是公司绩效的重要决定因素。研究结果支持了有效监督假说和管理网络理论，认为董事的多样性一方面减少了管理堑壕，另一方面通过网络增加了公司的资源。

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.