Research On Female Directors,Corporate Risk Taking And Firm Value

In recent years,women's presence has gradually become active in the board of directors of listed companies.The Outline for the Development of Women in China(2011-2020)promulgated by the State Council further calls for required the proportion of women in the board of directors,board of supervisors and management of the company to gradually increase.The 18th National Congress of the Communist Party of China has written gender equality as a basic national policy,which fully reflects the country's emphasis on gender equality and women's right to speak.In this context,the role of female directors in corporate governance has gradually become a hot topic in the theoretical and practical circles.With the introduction of quota system for female directors in European countries,it has aroused widespread controversy in academic circles.The focus of the debate is whether female directors can enhance the company's value.In addition,since the outbreak of the financial crisis in 2008,the issue of corporate risk taking has attracted wide attention from the domestic and foreign practitioners,academic and regulatory levels.A large number of psychological and physiological studies have shown that women are more cautious,conservative and risk-averse than men.Based on this consideration,this paper introduces the intermediary variable of enterprise risk taking when testing the influence of female directors on firm value.Based on principal-agent theory,high-level echelon theory,resource dependence theory and stakeholder theory,combined with normative and empirical research.The method empirically tests the relationship between female directors and corporate risk exposure and firm value.This article is divided into five chapters.Firstly,the background and significance of the research are introduced,and summarizes and reviewes the literature on female directors,corporate risk taking and firm value.Finally,the research ideas,research methods,research innovation and characteristics are elaborated.The second chapter defines the concept and theoretical basis.Firstly,it defines the concepts of female directors,corporate risk taking and firm value involved in this paper.Then it elaborates the basic theories involved in the theoretical analysis of this paper,which includes principal-agent theory,stakeholder theory and so on.The theoretical analysis and research hypothesis of this paper is in chapter three.It discusses the mechanism of female directors in influencing corporate risk taking and firm value,the mechanism of corporate risk taking affecting firm value,and the intermediary role of corporate risk taking in the process of female directors' influence on firm value,and puts forward the research hypothesis of this paper.The fourth chapter is the empirical analysis.This paper chooses the 11276 observations of the A-share listed companies in China's securities market from 2005 to 2014 as the initial samples,and uses the multiple regression method to empirically test the research hypothesis proposed in this paper.Research findings,policy recommendations and research deficiencies are in the final chapter of this paper.The study found that:(1)female directors are significantly negatively correlated with firm value,indicating that the participation of female directors and the increase of female directors have significantly reduced the firm value;(2)the negative correlation between female directors and corporate risk taking is significant,indicating that female directors significantly reduce the level of corporate risk taking;(3)the enterprise risk taking is significantly positively correlated with the firm value,indicating that the higher the level of corporate risk taking,the higher the firm value;(4)further research finds that female directors can reduce the level of corporate risk taking,which is not conducive to the firm value.The possible contributions of this paper mainly include the following three points:Firstly,the research in this paper can provide a useful reference for the introduction of female directors on the board of directors,that is,whether the gender diversity of the board of directors has practical significance and whether it can have a positive impact on the company's value;Secondly,compared with the direct correlation research between the female directors and the firm value,negative influence or irrelevant,this paper introduces the intermediary variable of enterprise risk taking,which is directly related to the study of female directors and firm value.On the basis of relevance,the focus is on exploring the internal mechanism of female directors'influence on firm value,that is,the root cause of female directors'influence on firm value.Thirdly,by studying the influence of female directors on corporate risk taking and firm value,a new research perspective has been opened up for the relationship between corporate risk taking and firm value.