The Effect Of Management's Gender Structure In Listed Companies On Enterprise Value

The board of the company,including the executives,directors and supervisors,is a key part of the company's operation.As an important part of the board of the company,women's participation is not optimistic and the gender structure of the board is seriously unbalanced.Many countries,such as Norway,have already clearly stipulated that the company's female directors must reach a certain gender quota or they will be punished.In order to explore the rationality for these ordinances,this article try to analyzing whether "female managers will affect enterprise value"' and also studies "how female managers affect enterprise value."This paper selects the financial data and corporate governance data of A-share listed companies from 2000 to 2014 as samples.From the view of female managers,the article use multiple regression analysis and two-stage least squares method to evaluate the impact of the management's gender structure of listed companies on the enterprise value,supplemented by its impact on the performance of enterprises.The study found that the increase of the female proportion of executives can promote the improvement of enterprise value.Female CEO can also promote the improvement of enterprise value.In addition,the CEO and the chairman will have a positive effect on the enterprise value When they are both women.When the chairman is a woman,the higher the proportion of female directors,the more conducive to enhance the value of the enterprise.When the CEO is a woman,the higher the proportion of female executives,the less conducive to enhance the value of the enterprise.The article also discusses the mechanism of the gender structure of listed companies that affects the enterprise value.This article argues that the gender structure of the management will affect the firm strategic and thus the enterprise value.In examining the influence of management's gender structure on enterprise strategy,we found that the higher the percentage of female executives,the more they tend to be risk averse.Which means that they are less likely to over-invest,their inventory and cash are more adequate,and debt ratio is lower.In addition,corporates are more willing to innovate,more likely to fulfill their social responsibilities,more ad-focused,market-oriented and will lower their operating costs,but they spend more on non-productive costs.