Executive Gender Structure, Internal Balance And Technological Innovation

Innovation is the first driving force for the sustainable develop ment of enterprises.Innovation input and innovation performance of a enterprise reflect the development of its business,embody the tension of its life,and they are important indicator to evaluate corporate executives.So how to improve the technological innovation level is a critical issue to maintain sustainable development of innovative.In this paper,I treat the whole top management team(TMT)as the research object.In the TMT with gender diversity,female executives have lower overconfidence psychological bias,so the male and female executives may form an "internal balance" and that "internal balance" are more adequate when female executives are in key positions,thereby reducing the le vel of overconfidence of the corporate.As a result,lower overconfidence will reduce excessive technological innovation spending or improve the performance of enterprise technological innovation.Based on the behavioral financial theory,this paper explores the mechanism among gender diversification,key position and the innovation input and efficiency.We use overconfidence in the financial behavior theory as our base,it can distinguish the difference between male and female behavior,which is helpful to understand the internal causes of executive gender factors in corporate governance,especially female executives' role in corporate strategy and organization performance.In this paper,1632 samples were selected from the listed companies in China from 2009 to 2015,and the following three aspects were analyzed: First,the impact of female executives on the input and performance of technological innovation.Secondly,to explore the impact of “internal balance” generated by TMT gender diversification on the investment and performance of technological innovation.Thirdly,how t he female executive adjust the “internal balances” of TMT gender diversification to technological innovation when female are in the key positions.The results are as followed:Firstly,female executive can reduce the innovation spending.The second is that due to the existence of "interna l balance",the diversity of executive gender diversification has improved the performance of enterprise technological innovation;thirdly,the female executive who is in the key position improve the good effect generated by TMT gender diversity on innovation performance.According to the above regression results,we make the following recommendations: First,make the appropriate increase in the proportion o f female executives in the enterprises,so as to optimize the diversity of TMT to improve the technological innovation performance.Second,improve the key job selection mechanism for women,provide female the equal chance to compete for top management positions.