An Empirical Research On The Effect Of Board Female Executives On Information Disclosure Quality And Firm Performance

There is plenty of evidence proving executives of gender differences affect their decision-making,supervisory behavior and effects.In recent years,women are getting more and more active in the capital,female executives rising phenomenon has aroused the concern of many scholars,and the study of female executives involved in corporate governance began to emerge,but the results of study are quite different.Therefore,on the basis of the existing research,this paper studies the effect of board female executives on information disclosure quality and firm performance,according to the theories of upper echelons,principal-agent,human capital and stakeholder.In this paper,board female executives are divided into female directors,female independent directors,female board chairman and female board secretary in accordance with their duties.The measure of information disclosure quality is result under the credit archives which is issued by Shenzhen stock exchange as the norm for information disclosure quality index and using return on assets as the measure of firm performance.This paper selects the data of companies of 2007-2015 in Shenzhen exchange stock main board A-shares and found that:(1)there is a significant positive correlation between the proportion of female directors on board and information disclosure quality as well as firm performance;(2)there is a significant positive correlation between the proportion of female independent directors on board and information disclosure quality as well as firm performance,indicating the monitoring effect;(3)there is a significant positive correlation between female board chairman and information disclosure quality;(4)in spite of negative correlation between female board secretary and information disclosure quality as well as firm performance,female board secretaries' education,age and salary can weaken this negative effect and have positive effect on information disclosure quality as well as firm performance to some extent.The research of this paper has a certain reference value to the selection and employment of female executives in listed companies and policy formulation of management authorities.