Management gender diversity, executives compensation and firm performance

IF 4.3 Q2 MANAGEMENT

International Journal of Accounting and Information Management Pub Date : 2021-12-07 DOI:10.1108/ijaim-05-2021-0109

Chen-Wen Chen, Abeer Hassan

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引用次数: 13

Abstract

Purpose This paper aims to contribute to the discussion on the executives’ team and firm performance by investigating the relationships between executives’ compensation, management gender diversity and firm financial performance in growth enterprises market (GEM) listed firms in China. Design/methodology/approach Data are collected from 461 companies listed on GEM boards during the period from the year 2016 to 2018. Specifically, executives’ compensation and female executives are set as the independent variables, and the proxy selected of corporate performance is Tobin’s Q ratio. Findings The results show that the correlation between corporate performance and executive cash payment is not significant, while executives’ equity-based compensation shows a significant positive correlation with firm performance. In addition, the participation of female executives is negatively associated with firm performance. Research limitations/implications The results have practical implications for governments, policymakers and regulatory authorities, by indicating the importance of women to corporate success. In particular, the findings of this paper emphasize the specific background of GEM in China and provide empirical support for the value of women’s participation in corporate governance. In addition, the finding on the relationship between executive compensation and corporate performance of GEM listed companies provides guidance for the establishment of a performance compensation system of GEM listed companies in China. Originality/value This paper provides new evidence for the current literature of executive team and corporate performance. This is the first paper to adopt triangulation in theories from different disciplines including optimal contractual approach, managerial power approach as new perspectives of agency theory, upper echelons theory, motivational-hygiene theory and women leadership style theory. The results will contribute to provide guidance for enterprises to formulate an efficient compensation system and build a reasonable senior management team structure.

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管理层性别多样性、高管薪酬与公司绩效

本文旨在通过研究中国创业板上市公司高管薪酬、管理层性别多样性与公司财务绩效之间的关系，为高管团队与公司绩效之间的关系做出贡献。设计/方法/方法数据收集自2016年至2018年期间在创业板上市的461家公司。其中，将高管薪酬和女性高管作为自变量，选取Tobin’s Q ratio作为公司绩效的代理。研究结果表明:公司绩效与高管现金薪酬的相关性不显著，而高管股权薪酬与公司绩效呈显著正相关。此外，女性高管的参与与公司绩效呈负相关。研究局限性/启示研究结果表明，女性对企业成功的重要性，对政府、政策制定者和监管机构具有实际意义。特别是，本文的研究结果强调了创业板在中国的具体背景，并为女性参与公司治理的价值提供了实证支持。此外，本文对创业板上市公司高管薪酬与公司绩效关系的研究结果也为中国创业板上市公司绩效薪酬体系的建立提供了指导。原创性/价值本文为现有的高管团队与公司绩效的研究提供了新的证据。本文首次在最优契约理论、作为代理理论新视角的管理权力理论、上层梯队理论、动机卫生理论和女性领导风格理论等不同学科的理论中采用三角测量法。研究结果将有助于指导企业制定有效的薪酬体系，构建合理的高管团队结构。

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

International Journal of Accounting and Information Management MANAGEMENT-

CiteScore

7.90

自引率

3.00%

发文量

期刊介绍： The International Journal of Accounting & Information Management focuses on publishing research in accounting, finance, and information management. It specifically emphasizes the interaction between these research areas on an international scale and within both the private and public sectors. The aim of the journal is to bridge the knowledge gap between researchers and practitioners by covering various issues that arise in the field. These include information systems, accounting information management, innovation and technology in accounting, accounting standards and reporting, and capital market efficiency.