Female directors, R&D activities and firms’ investment efficiency: evidence from China

IF 1.4 4区经济学 Q3 BUSINESS, FINANCE

Asia-Pacific Journal of Accounting & Economics Pub Date : 2022-01-07 DOI:10.1080/16081625.2021.2023025

Shaner Chu, Erin Oldford

引用次数: 9

Abstract

ABSTRACT In this study, we investigate if board composition, namely board gender diversity, constitutes a pathway to more efficient allocation of capital through greater restraint in R&D activities of Chinese-listed companies. Assessing a large panel of Chinese listed firms over the period of 2009–2017, we find a negative relation between board gender diversity and firms’ innovation inputs and outputs. Boards with more female directors exhibit lower investment inefficiency, resulting in better allocating firms’ resources and higher firm performance. This effect is accentuated in state-owned firms, illustrating that female directors help reduce firms’ investment inefficiency especially those controlled by state.

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女性董事、研发活动与企业投资效率:来自中国的证据

摘要本文研究了董事会构成(即董事会性别多样性)是否通过对中国上市公司研发活动的更大约束，构成了更有效的资本配置途径。通过对2009-2017年中国上市公司的大规模评估，我们发现董事会性别多样性与公司创新投入和产出之间存在负相关关系。女性董事越多的董事会投资效率越低，企业资源配置越好，企业绩效越高。这一效应在国有企业中更为突出，说明女性董事有助于降低企业尤其是国有企业的投资效率低下。

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

Asia-Pacific Journal of Accounting & Economics Multiple-

CiteScore

2.40

自引率

9.10%

发文量

期刊介绍： The Asia-Pacific Journal of Accounting & Economics (APJAE) is an international forum intended for theoretical and empirical research in all areas of economics and accounting in general. In particular, the journal encourages submissions in the following areas: Auditing, financial reporting, earnings management, financial analysts, the role of accounting information, international trade and finance, industrial organization, strategic behavior, market structure, financial contracts, corporate governance, capital markets, and financial institutions. The journal welcomes contributions related to the Asia Pacific region, and targets top quality research from scholars with diverse regional interests. The editors encourage submission of high quality manuscripts with innovative ideas. The editorial team is committed to an expedient review process.