女性董事提高了董事会监督效用吗?——基于中国上市公司的经验证据
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摘要
董事会成员的异质性一直是一个研究热点,女性董事更是这个热点中焦点。基于女性董事监督效用的视角,本研究以2008年至2014年的A股上市公司为样本,在理论分析女性董事的人力资本、责任感和保守性分别与董事会行为强度、勤勉度和沟通度关系的基础上,实证检验了女性董事参与度对董事会监督效用的积极作用。研究发现:存在女性董事董事会的董事会会议频数更高,独立董事出勤率更好,更加倾向于选择沟通更好的现场会议形式,并且监督效应更显著。这样的结论符合女性董事可以提高董事会监督积极性的假说,表明董事会性别异质性确实有助于提高董事会的监督效用。
The heterogeneity of the members of the board of directors has always been a hot spot of the research about board, and the research on the female directors is the focus of the hot spot. From the perspective supervision of the effect of the female directors, we select the listed companies of 2008 to 2014 as the samples. We have analyzed the human capital of the female directors and the behavior of the board, the sense of responsibility and the diligence of the board, the conservation and communication of the board theoretically. We empirically examine the positive effect of the female directors on the supervisory role in the board. The study found that there is a higher frequency of board meetings and a better attendance rate of the independent directors, and more inclined to choose the on-site meetings. The conclusion is consistent with the hypothesis that the female directors can improve the enthusiasm of board supervision, shows that the gender heterogeneity of boards really is conducive to improve the supervision effectiveness of the board.
The heterogeneity of the members of the board of directors has always been a hot spot of the research about board, and the research on the female directors is the focus of the hot spot. From the perspective supervision of the effect of the female directors, we select the listed companies of 2008 to 2014 as the samples. We have analyzed the human capital of the female directors and the behavior of the board, the sense of responsibility and the diligence of the board, the conservation and communication of the board theoretically. We empirically examine the positive effect of the female directors on the supervisory role in the board. The study found that there is a higher frequency of board meetings and a better attendance rate of the independent directors, and more inclined to choose the on-site meetings. The conclusion is consistent with the hypothesis that the female directors can improve the enthusiasm of board supervision, shows that the gender heterogeneity of boards really is conducive to improve the supervision effectiveness of the board.
引文
1.胡茂莉.(2012).董事会中女性董事与公司价值研究.会计之友,(11),72-74.
2 .黄志忠、薛清梅、宿黎.(2015).女性董事、CEO变更与公司业绩—来自中国上市公司的证据.经济评论,(06),132-143.
3 .况学文、陈俊.(2011).董事会性别多元化、管理者权力与审计需求.南开管理评论,14(06),48-56.
4 .黎文靖、岑永嗣、胡玉明.(2014).外部薪酬差距激励了高管吗?—基于中国上市公司经理人市场与产权性质的经验研究.南开管理评论,17(04),24-35.
5 .吕英、王正斌、安世民.(2014).女性董事影响企业社会责任的理论基础和实证研究述评.外国经济与管理,36(08),14-22.
6 .马连福、石晓飞.(2014).董事会会议“形”与“实”的权衡—来自中国上市公司的证据.中国工业经济,(01),88-100.
7 .向锐、冯建.(2008).董事会特征与公司经营绩效的关系—基于中国民营上市公司的经验证据.财经科学,(11),91-99.
8 .张横峰.(2014).董事会性别多样化对内部控制水平影响研究—基于A股的经验证据.会计之友,(05),62-66.
9 .祝继高、叶康涛、严冬.(2012).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.财贸经济,(04),50-58.
10 .李维安、李晓琳、张耀伟.(2017).董事会社会独立性与CEO变更—基于违规上市公司的研究.管理科学,30(02),94-105.
11 .Adams R.,Ferreira D.(2009).Women in the boardroom and their impact on governance and performance.Journal of Financial Economics,94(2):291-309.
12 .Brown D.A.H.,Brown.D.I.,Anastasopoulos,v.(2002).Women on boards:Not just the right thing but the'Bright'thing.Paper Presented at The Conference Board of Canada,Canada.
13 .Carter D.A.,Simkins B.J.,Simpson W.G.(2003).Corporate governance,board diversity,firm value.The Financial Review,38(1):33-53.
14 .Eagly A.,Carli,L.(2003).The female leadership advantage:An evaluation of the evidence.The Leadership Quarterly,14(6):807-834.
15 .Fondas,N.,Sassalos,S.(2000).A different voice in the boardroom:How the presence of women directors affects board influence over management.Global Focus,12(1):13-22.
16 .Huse M.,Solberg,A.(2006).Gender-related boardroom dynamics:How scandinavian women make and can make contributions on corporate boards.Women in Management Review,21(1):113-130.
17 .Lipton,M.,Lorsch,J.(1992).A modest proposal for improved corporate governance.Business Lawyer,48(12):59-77.
18 .Peni,Emilia,V?h?maa,Sami.(2010).Female executives and earnings management.Managerial Finance,36(7):629-645.
2 .黄志忠、薛清梅、宿黎.(2015).女性董事、CEO变更与公司业绩—来自中国上市公司的证据.经济评论,(06),132-143.
3 .况学文、陈俊.(2011).董事会性别多元化、管理者权力与审计需求.南开管理评论,14(06),48-56.
4 .黎文靖、岑永嗣、胡玉明.(2014).外部薪酬差距激励了高管吗?—基于中国上市公司经理人市场与产权性质的经验研究.南开管理评论,17(04),24-35.
5 .吕英、王正斌、安世民.(2014).女性董事影响企业社会责任的理论基础和实证研究述评.外国经济与管理,36(08),14-22.
6 .马连福、石晓飞.(2014).董事会会议“形”与“实”的权衡—来自中国上市公司的证据.中国工业经济,(01),88-100.
7 .向锐、冯建.(2008).董事会特征与公司经营绩效的关系—基于中国民营上市公司的经验证据.财经科学,(11),91-99.
8 .张横峰.(2014).董事会性别多样化对内部控制水平影响研究—基于A股的经验证据.会计之友,(05),62-66.
9 .祝继高、叶康涛、严冬.(2012).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.财贸经济,(04),50-58.
10 .李维安、李晓琳、张耀伟.(2017).董事会社会独立性与CEO变更—基于违规上市公司的研究.管理科学,30(02),94-105.
11 .Adams R.,Ferreira D.(2009).Women in the boardroom and their impact on governance and performance.Journal of Financial Economics,94(2):291-309.
12 .Brown D.A.H.,Brown.D.I.,Anastasopoulos,v.(2002).Women on boards:Not just the right thing but the'Bright'thing.Paper Presented at The Conference Board of Canada,Canada.
13 .Carter D.A.,Simkins B.J.,Simpson W.G.(2003).Corporate governance,board diversity,firm value.The Financial Review,38(1):33-53.
14 .Eagly A.,Carli,L.(2003).The female leadership advantage:An evaluation of the evidence.The Leadership Quarterly,14(6):807-834.
15 .Fondas,N.,Sassalos,S.(2000).A different voice in the boardroom:How the presence of women directors affects board influence over management.Global Focus,12(1):13-22.
16 .Huse M.,Solberg,A.(2006).Gender-related boardroom dynamics:How scandinavian women make and can make contributions on corporate boards.Women in Management Review,21(1):113-130.
17 .Lipton,M.,Lorsch,J.(1992).A modest proposal for improved corporate governance.Business Lawyer,48(12):59-77.
18 .Peni,Emilia,V?h?maa,Sami.(2010).Female executives and earnings management.Managerial Finance,36(7):629-645.