Female Executives,Organizational Legitimacy And Corporate Performance

There is a natural difference in management behavior between women and men.As more and more women enter management,women's unique character advantages play an increasingly important role in corporate governance.The onset of women's workplace has attracted widespread attention from all walks of life.The impact of female executives on corporate performance has also become a hot topic in academic research,but the conclusions drawn are quite different.The perspective of institutional theory emphasizes that any organization will be regulated and restricted by various institutional factors in its institutional environment,while organizational legitimacy is a system of norms and constraints,values,and beliefs that is considered to be reasonable general perception and hypothesis.From the perspective of stakeholders,on the basis of studying the impact of female executives on corporate performance,using organizational legitimacy as an intermediary variable,further investigate whether organizational legitimacy is a possible path for female executives to affect corporate performance.This article takes 2008-2017 data of A-share listed companies in Shanghai and Shenzhen as research samples,and combines the theory of gender difference in management behavior,high-level gradient theory,human capital theory,and stakeholder theory to analyze female executives,organizational legitimacy,and corporate performance.The three are placed in the same framework,and a theoretical model of female executive-legality-performance is constructed.The multiple regression method is used to test the logical relationship between the three.The stepwise test and Bootstrap method are used to verify the intermediary role of organizational legitimacy.The conclusions are as follows:(1)Female executives are significantly positively related to corporate performance;(2)Female executives have a significant positive role in promoting organizational legitimacy;(3)Organizational legitimacy significantly affects corporate performance;(4)Organizational legitimacy plays a part of the intermediary role in the influence mechanism of female executives and corporate performance,that is,female executives can increase corporate performance by improving organizational legitimacy;(5)Differentiating executive positions reveals that there is a significant difference between the positive role of female executives in core positions and female executive members on corporate performance and organizational legitimacy.According to the conclusions of the study,this article proposes the following related suggestions:(1)Encourage the diversity of seniormanagement teams and improve the mechanism for selecting and promoting talents;(2)Improve relevant laws and regulations;(3)Pay attention to the characteristics of the senior management team and increase the channels for improving the legitimacy of the organization.The contributions of this paper are as follows:(1)In the study of the impact of female executives on corporate performance,the introduction of organizational legitimacy as an intermediary variable confirms that female executives can affect corporate performance through organizational legitimacy,expands the research perspective,and enriches the path of female executives' impact on corporate performance.This type of literature provides theoretical evidence and empirical support for female executives' advantages in company operations;(2)Study the influence of gender differences on organizational legitimacy,and the impact of organizational legitimacy on business operation,enrich the influencing factors and results of organizational legitimacy,make up for the lack of such documents,and provide evidence support for the importance of organizational legitimacy.It also provides more ways to increase the level of organizational legitimacy.