Empirical Study Of The Impact Of Female Executive On Corporate Performance

With economic globalization, awareness of democracy and sense of equality of people around the world are increasing gradually. Women’s status has been significantly promoted. Many countries enacted on laws and regulations about women protection.Although women’s education level enhances continuously, but the status of women in senior management don’t have a huge change. Some countries in Europe and the United States have begun to provisions in the law the proportion of female executives, the proportion of female executives grows year by year recently. In corporate governance, studying the effects of female executives on corporate performance has a realistic significance. The relevant academic research have the government and enterprises a big attention to women’s important role in the management of the company. The effects of female executives on corporate performance is a hotspot of academic research in recent years, foreign scholars has made some progress on the study of female executives. However, there are few related studies of female executives and corporate governance in china. Studies abroad about the relationship between female executives and corporate governance result do not apply to a specific national condition, the specific economic situation, a particular stage of development of China.This paper firstly reviews the domestic and foreign literature about female executives and corporate governance. Respectively on the influence factors of female executives, senior women leadership style, the board diversity impact on corporate performance, senior women’s impact on corporate performance, this paper has reviewed the literature about female executives and corporate governance. Based on the above research, this paper select the Shenzhen and Shanghai A-share listed companies from2009-2012as research samples, Found that the proportion of female executives increase from15%to17%annually. The proportion of female executives in the service sectors is higher. Then study if the proportion of senior women, chairwomen of virtual variables have a impact on corporate performance indicators. Respectively using panel data regression and propensity matching method for empirical research. Panel regression found that senior women proportion has significant negative effects on Tobin Q. Chairwomen of virtual variables have a significant positive impact on corporate performance. chairwomen of the virtual variable in propensity scores matching experiment, we found that chairwomen of the corporate performance was significantly better than other companies. Chairwomen improve the board meeting frequency significantly. As for virtual variable of female executives (Female executives ratio≥40%and and<40%), found that companies with a high proportion of senior women have a better performance than other companies. But virtual variable of female executives have no significant influence on the board meeting frequency. An empirical analysis based on the above conclusions, this paper put forward some Suggestions to improve the proportion of female executives.