女性高管对企业创新决策的影响
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摘要
本文使用世界银行企业调查数据,实证研究了包括权利所有人和总经理在内的女性领导对五种创新和变革决策行为的影响。结果表明:拥有女性权利所有人的企业,在2009-2011年间研发新产品和使用新技术的概率相对较低;这一结果不论在逐步回归模型,mixed effect logit模型还是倾向匹配得分模型中都得到了验证。拥有女性总经理的企业,推广新产品的概率相对较高,但并非在所有模型中都显著。这意味着,拥有女性的管理团队整体拥有较高的避险意识;而总经理本身的性别可能不是造成企业创新决策差异的显著因素。本文的结论说明高阶梯队理论可能更适用于研究整个管理团队而非单个企业领导。
There has been a long running debate on whether female is performing better than male in leadership position. On one hand, some scholars believe that women can do a better job as they work harder than men and are aware of their shortcomings. Most importantly, female leader shows more respect to subordinates in order to improve the performance of enterprises. Like a coin has two sides, some scholars maintain that female leaders are not directly related to firm performance, and sometimes may exert a negative impact. Therefore, the association between firm performance and gender in board has not been consistently proved.The aim of this paper is to study if female leaders make similar innovation strategy as male leaders do. We proposed three reasons for previous divergent results. First, although female and male leaders may differ in personality, the disparity is contingent on specific positions. For instance, non-independent female directors are not significant prudent than female independent directors. Second, prudent personality may only be beneficial in depression period. In economic booming, aggressive personality is more useful. Therefore, it is necessary to include more environmental factors. Third, the Upper Echelon Theory suffers several drawbacks. For instance, demographic features may not be suitable to proxy mental variables. To present a whole picture on the interplay between gender and innovative decision, this paper focuses on five different strategies and two divergent positions. The methodology in this paper is logit regressions. Since there is no standard model estimating choice of corporate decision, this paper employs more than 20 control variables. Step regression is first performed to identify the optimal subset of control variables. We then conduct cluster analysis by assuming that enterprises in the same industry may behave identically. The results suggested that female owners are more prudent in adopting new technology after 2008. They are also less likely to invest in R&D than male owners. However, we also found that female managers are more active in promoting new products compared with top male managers. We also conduct Propensity Score Matching to address possible endogeneity problem. The results re-proved that female owners are more careful in lunching innovative strategy, but the disparity between male and female top managers is no longer significant. This paper is not without shortcomings. For instance, we have no control of the distribution of risk and ambiguity for different innovative strategies. Due to data limitation, we also do not know the exact number of owners in each enterprise. However, we employ various regression methods to partly address the above-mentioned problem. Overall, this paper indicates that female leaders are indeed more conservative under some conditions. It is important to bear in mind that the conclusion of this paper is suggestive rather than conclusive.
There has been a long running debate on whether female is performing better than male in leadership position. On one hand, some scholars believe that women can do a better job as they work harder than men and are aware of their shortcomings. Most importantly, female leader shows more respect to subordinates in order to improve the performance of enterprises. Like a coin has two sides, some scholars maintain that female leaders are not directly related to firm performance, and sometimes may exert a negative impact. Therefore, the association between firm performance and gender in board has not been consistently proved.The aim of this paper is to study if female leaders make similar innovation strategy as male leaders do. We proposed three reasons for previous divergent results. First, although female and male leaders may differ in personality, the disparity is contingent on specific positions. For instance, non-independent female directors are not significant prudent than female independent directors. Second, prudent personality may only be beneficial in depression period. In economic booming, aggressive personality is more useful. Therefore, it is necessary to include more environmental factors. Third, the Upper Echelon Theory suffers several drawbacks. For instance, demographic features may not be suitable to proxy mental variables. To present a whole picture on the interplay between gender and innovative decision, this paper focuses on five different strategies and two divergent positions. The methodology in this paper is logit regressions. Since there is no standard model estimating choice of corporate decision, this paper employs more than 20 control variables. Step regression is first performed to identify the optimal subset of control variables. We then conduct cluster analysis by assuming that enterprises in the same industry may behave identically. The results suggested that female owners are more prudent in adopting new technology after 2008. They are also less likely to invest in R&D than male owners. However, we also found that female managers are more active in promoting new products compared with top male managers. We also conduct Propensity Score Matching to address possible endogeneity problem. The results re-proved that female owners are more careful in lunching innovative strategy, but the disparity between male and female top managers is no longer significant. This paper is not without shortcomings. For instance, we have no control of the distribution of risk and ambiguity for different innovative strategies. Due to data limitation, we also do not know the exact number of owners in each enterprise. However, we employ various regression methods to partly address the above-mentioned problem. Overall, this paper indicates that female leaders are indeed more conservative under some conditions. It is important to bear in mind that the conclusion of this paper is suggestive rather than conclusive.
引文
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[13]Fietze S,Holst E,Tobsch V.Germany's Next Top Manager:Does Personality Explain the Gender Career Gap?[R].IZA Discussion Paper,No.5110,2010.
[14]Bart C,Mcqueen G.Why women make better directors[J].International Journal of Business Governance and Ethics,2013,8(1):93-99.
[15]Campbell K,Minguezvera A.Gender Diversity in the Boardroom and Firm Financial Performance[J].Journal of Business Ethics,2008,83(3):435-451.
[16]Post C,Byron K.Women on Boards and Firm Financial Performance:A Meta-Analysis[J].Academy of Management Journal,2015,58(5):1546-1571.
[17]Torchia M.,Calabro A.Huse M.Women Directors on Coperorate Boards:From Tokenism to Critical Mass[J].Journal of Business Ethic,102(2):299-317
[18]Campbell KL,Vera AM.Female board appointments and firm valuation:short and long-term effects[J].Journal of Management and Governance,2010,14(1):37-59.
[19]Darmadi S.Do women in top management affect firm performance?Evidence from Indonesia[J].Corporate Governance:The international journal of business in society,2013,13(3):88-304
[20]B?hren O,Str?m RO.Governance and Politics:Regulating Independence and Diversity in the Board Room[J].Journal of Business Finance&Accounting,2010:1281-1308.
[21]Hersch J,Stratton LS.Housework,wages,and the division of housework time for employed spouses[J].American Economic Review,1994,84(2):120-25.
[22]祝继高,叶康涛,严冬.女性董事的风险规避与企业投资行为研究--基于金融危机的视角[J].财贸经济,2012(4):50-58.
[23]程锐,倪恒旺,李常青.女性董事的风险规避与董事会保证行为研究--来自沪市的经验证据[J].华东经济管理,2016,30(4):132-139.
[24]周泽将.女性董事影响了企业慈善捐赠吗?--基于中国上市公司的实证研究[J].上海财经大学学报:哲学社会科学版,2014,16(3):78-85.
[25]周泽将.女性董事影响了审计努力程度吗[J].山西财经大学学报,2014(5):101-111.
[26]周泽将,修宗峰.女性董事对企业经营绩效影响的实证研究--基于2000-2009年中国证券市场A、股上市公司样本[J].财经理论与实践,2014,35(2):91-97.
[27]陈艳.经济危机、货币政策与企业投资行为--基于中国上市公司数据[J].经济与管理研究,2012(11):88-94.
[28]杨轶清,朱海燕.民营企业决策原理及其形成机制--基于自然人控制的视角[J].浙江社会科学,2014(9):90-96.
[29]李子奈,齐良书.关于计量经济学模型方法的思考[J].中国社会科学,2010(2):69-83.
[30]聂辉华,谭松涛,王宇锋.创新、企业规模和市场竞争:基于中国企业层面的面板数据分析[J].世界经济,2008,31(7):57-66.
[31]李后建,张剑.腐败与企业创新:润滑剂抑或绊脚石[J].南开经济研究,2015(2):24-58.
[32]李随成,李静,杨婷.基于供应商参与新产品开发的供应商选择影响因素分析及实证研究[J].管理评论,2012,24(1):146-154.
[33]张欣,姚山季,王永贵.顾客参与新产品开发的驱动因素:关系视角的影响机制[J].管理评论,2014,26(5):99-110.
[34]周黎安,罗凯.企业规模与创新:来自中国省级水平的经验证据[J].经济学:季刊,2005,4(2):623-638.
[35]Borghans L,Heckman JJ,Golsteyn BH.Gender Differences in Risk Aversion and Ambiguity Aversion[J].Journal of the European Economic Association,2009,7(2-3):649-658.
[36]汪金爱,宗芳宇.国外高阶梯队理论研究新进展:揭开人口学背景黑箱[J].管理学报,2011,8(8):1247-1255.
[37]夏天,郭炜.技术创新的不确定性、风险及其管理模式选择[J].科技管理研究,2005,25(6):145-147.
[2]Khan WA,Vieito JP.CEO Gender and Firm Performance[J].Journal of Economics and Business,2013,67(C):55-66.
[3]Krishnan GV,Parsons LM.Getting to the Bottom Line:An Exploration of Gender and Earnings Quality[J].Journal of Business Ethics,2008,78(1):65-76.
[4]陈宝杰.女性参与高管团队对企业创新绩效的影响--来自中国中小板上市公司的实证分析[J].科技进步与对策,2015,(5):146-150.
[5]曾萍,邬绮虹.女性高管参与对企业技术创新的影响--基于创业板企业的实证研究[J].科学学研究,2012,(5):135-143.
[6]潘静洲,娄雅婷,周文霞.龙生龙,凤生凤?领导创新性工作表现对下属创造力的影响[J].心理学报,2013,(10):1147-1162.
[7]Ozsahin M,Zehir C,Acar AZ.Linking leadership style to firm performance:the mediating effect of the learning orientation[J].Procedia-Social and Behavioral Sciences,2011,24:1546-1559.
[8]Jung D,Chan F,Chen G.Chinese CEOs'Leadership Styles and Firm Performance[J].Journal of Asia Business Studies,2013,4(2):73-79.
[9]Hambrick DC,Mason PA.Upper Echelons:The Organization as a Reflection of Its Top Managers[J].Academy of Management Review,1984,9(2):193-206.
[10]Hambrick DC.Upper Echelons Theory:An Update[J].Academy of Management Review,2007,32(2):334-343.
[11]Serfling M.CEO Age and the Riskiness of Corporate Policies[J].Journal of Corporate Finance,2013,25(2):251-273.
[12]King TL,Srivastav A,Williams J.What's in an education?Implications of CEO education for bank performance[J].Journal of Corporate Finance,2016,37:287-308.
[13]Fietze S,Holst E,Tobsch V.Germany's Next Top Manager:Does Personality Explain the Gender Career Gap?[R].IZA Discussion Paper,No.5110,2010.
[14]Bart C,Mcqueen G.Why women make better directors[J].International Journal of Business Governance and Ethics,2013,8(1):93-99.
[15]Campbell K,Minguezvera A.Gender Diversity in the Boardroom and Firm Financial Performance[J].Journal of Business Ethics,2008,83(3):435-451.
[16]Post C,Byron K.Women on Boards and Firm Financial Performance:A Meta-Analysis[J].Academy of Management Journal,2015,58(5):1546-1571.
[17]Torchia M.,Calabro A.Huse M.Women Directors on Coperorate Boards:From Tokenism to Critical Mass[J].Journal of Business Ethic,102(2):299-317
[18]Campbell KL,Vera AM.Female board appointments and firm valuation:short and long-term effects[J].Journal of Management and Governance,2010,14(1):37-59.
[19]Darmadi S.Do women in top management affect firm performance?Evidence from Indonesia[J].Corporate Governance:The international journal of business in society,2013,13(3):88-304
[20]B?hren O,Str?m RO.Governance and Politics:Regulating Independence and Diversity in the Board Room[J].Journal of Business Finance&Accounting,2010:1281-1308.
[21]Hersch J,Stratton LS.Housework,wages,and the division of housework time for employed spouses[J].American Economic Review,1994,84(2):120-25.
[22]祝继高,叶康涛,严冬.女性董事的风险规避与企业投资行为研究--基于金融危机的视角[J].财贸经济,2012(4):50-58.
[23]程锐,倪恒旺,李常青.女性董事的风险规避与董事会保证行为研究--来自沪市的经验证据[J].华东经济管理,2016,30(4):132-139.
[24]周泽将.女性董事影响了企业慈善捐赠吗?--基于中国上市公司的实证研究[J].上海财经大学学报:哲学社会科学版,2014,16(3):78-85.
[25]周泽将.女性董事影响了审计努力程度吗[J].山西财经大学学报,2014(5):101-111.
[26]周泽将,修宗峰.女性董事对企业经营绩效影响的实证研究--基于2000-2009年中国证券市场A、股上市公司样本[J].财经理论与实践,2014,35(2):91-97.
[27]陈艳.经济危机、货币政策与企业投资行为--基于中国上市公司数据[J].经济与管理研究,2012(11):88-94.
[28]杨轶清,朱海燕.民营企业决策原理及其形成机制--基于自然人控制的视角[J].浙江社会科学,2014(9):90-96.
[29]李子奈,齐良书.关于计量经济学模型方法的思考[J].中国社会科学,2010(2):69-83.
[30]聂辉华,谭松涛,王宇锋.创新、企业规模和市场竞争:基于中国企业层面的面板数据分析[J].世界经济,2008,31(7):57-66.
[31]李后建,张剑.腐败与企业创新:润滑剂抑或绊脚石[J].南开经济研究,2015(2):24-58.
[32]李随成,李静,杨婷.基于供应商参与新产品开发的供应商选择影响因素分析及实证研究[J].管理评论,2012,24(1):146-154.
[33]张欣,姚山季,王永贵.顾客参与新产品开发的驱动因素:关系视角的影响机制[J].管理评论,2014,26(5):99-110.
[34]周黎安,罗凯.企业规模与创新:来自中国省级水平的经验证据[J].经济学:季刊,2005,4(2):623-638.
[35]Borghans L,Heckman JJ,Golsteyn BH.Gender Differences in Risk Aversion and Ambiguity Aversion[J].Journal of the European Economic Association,2009,7(2-3):649-658.
[36]汪金爱,宗芳宇.国外高阶梯队理论研究新进展:揭开人口学背景黑箱[J].管理学报,2011,8(8):1247-1255.
[37]夏天,郭炜.技术创新的不确定性、风险及其管理模式选择[J].科技管理研究,2005,25(6):145-147.