Strategic Deviation?Female Executives And Performance Deviation

With the change of social environment and market environment,the unique role of women in corporate governance has been valued by the management and their influence has been gradually expanded.According to ?businesswomen: a new look at risk and reward?,women made up 25% of senior executives in the Asia-pacific region in 2017.Grant Thornton argues that compared with men,women are more conservative about opportunities and more cautious about risks;the inclusion of women in the executive team is conducive to enhancing the diversity of the team and helping the sustainable development of the enterprise.Ma said at BBS in Davos in the winter of 2019 that the secret of Alibaba's success is to recruit more women,and the advantage of women is that they care more about others and bring warmth to science and technology.At the same time,China is in a critical period of transformation and upgrading,and the previous development model and direction require new ideas and new directions.More and more enterprises are carrying out reform and innovation at the strategic level.Although strategic differences increase the possibility of success,the risks associated with them also increase greatly.How to respond to the relevant national policies and improve the competitiveness of enterprises while reducing the risks and uncertainties caused by the change of strategic deployment,how to reduce the possibility of negative performance and avoid the serious consequences caused by drastic fluctuations in performance are urgent problems for the government,enterprises and researchers to solve.What role can female executives play in this particular case? It is known that the heterogeneity of management has a significant impact on the formulation and implementation of the strategy and the final performance.As an important dimension of the demographic characteristics of the executive team,women also have an unignorable influence on corporate performance.Furthermore,the risk-averse personality of female executives and the supervisory role of other personnel in the management team have played an important role in maintaining the stable and healthy development of enterprises.Can this effect reduce the impact of strategic bias on enterprise development? What about corporate performance?In order to study this problem,this paper selected the sample data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2017,and proposed research hypotheses based on the Strategic Choice Theory,Principal-agent Theory,Resource Dependence Theory,Upper-echelons Perspective and literature on strategic deviation,female executives,and performance deviation.In addition,descriptive statistics,correlation analysis and regression analysis were carried out by STATA14.0 software to empirically test whether the strategic deviation could motivate female executives to maintain the stable and healthy development of the enterprise,so as to alleviate the influence of strategic deviance on the performance deviance.The results show that: The strategy difference has a significant positive impact on firm's performance deviation,and the female executives have a negative moderating effect on it.Further research shows that under the condition of strategic deviation,the higher the proportion of female executives,the more they can inhibit the occurrence of negative performance deviation,which has a certain positive impact on positive performance deviation but is not obvious.This shows that female executives can help companies survive in adversity and reduce risks brought by differentiation strategy.Compared with the state-owned holding enterprises,the strategic difference in non-state-controlled enterprises has a stronger impact on the deviation of enterprise performance,and the negative moderating effect of female executives is more obvious.The moderating effect of female executives in state-controlled enterprises is not significant and there is a problem of symbolism.The above research results are beneficial to enrich the research on the economic consequences of strategic deviance,and expand the driving factors of female executives' influence on corporate performance from the perspective of corporate strategy.It is of great significance for enterprises to reexamine the value of female executives,to reduce the business risk and the likelihood of poor performance,to achieve the goal of sustainable development.