Female Executive And Dual Innovation Of Enterprises

With the development of economy and the improvement of education level,women gradually break the gender barriers in the industry and enter into a broader industry field.Some women join the senior management team and participate in strategic decisions such as enterprise innovation.However,the existing literature has not reached a consistent conclusion on the relationship between female executives and innovation.Some scholars think that female executives will reduce the innovation of enterprises from the perspective of risk aversion,while others think that the unique leadership style and human capital of female executives can promote the innovation behavior of enterprises based on the theory of Upper-echelons Perspective.Therefore,this paper introduces the concept of dual innovation,based on the seemingly opposite innovation behavior of exploiting innovation and exploring innovation in the dual innovation of enterprises,which matches the contradictory theory of female executives in the existing research,explores the specific impact of female members in the executive team on the enterprise's exploiting innovation and exploring innovation,and under the objective condition of serious external financing constraints of dual innovation,the paper also explores the regulating effect of internal cash flow on dual innovation of female executives,which has important theoretical and practical significance.By measuring the number of patents for enterprise's exploiting innovation and exploring innovation,this paper makes an empirical test on the samples of A-share listed companies in Shanghai and Shenzhen stock markets from 2008 to 2017.The results show that: the more female executives are,the better the development of enterprise's exploiting innovation and exploring innovation is.In comparison,female executives are more inclined to the development of enterprise's exploiting innovation than the exploring innovation;at the same time,female executives are more inclined to the development of enterprise's exploiting innovation than exploring innovation in the adjustment effect test,it is found that sufficient internal cash flow can promote the dual innovation of female executives,alleviate the external financing constraints of female executives' innovation,and promote the coordinated development of dual innovation of female executives.By introducing the concept of dual innovation,this paper provides a new idea for the research of female executives' innovation;at the same time,starting from the definition of dual innovation,by tracing the IPC code of enterprise patent to distinguish exploiting innovation and exploring innovation,this paper improves the shortcomings of previous research in measuring the dual innovation of enterprises by the capitalization amount and the expense amount of R&D investment,and improves the accuracy of the research results.In addition,considering the serious external financing constraints faced by the dual innovation of female executives,the paper takes the internal cash flow of enterprises with smaller gender difference as the adjusting variable to verify the impact of internal funds on the dual innovation of female executives.Finally,the paper creatively takes the regional gender equality degree as a tool variable to verify the robustness of the research,and reveals the impact of gender stereotypes on the dual innovation of female executives in addition to the industry and capital market,which provides a new dimension for the research of female executives and dual innovation,enriches and develops the existing research conclusions..