Research On The Relationship Between Female Directors' Social Capital And Corporate Performance

The board of directors is an important institution to determine the level of decision-making and corporate governance.How to improve the structural characteristics of the board of directors to improve the quality of board decision-making and corporate governance,and thus enhance corporate performance,has always been the focus of scholars' research.With the rapid development of economy,the change of social atmosphere and concept,more and more women enter the workplace,break through the ceiling of the workplace and become senior managers of enterprises.As an important research field,women participation in board governance has gradually become a topic of great concern to both domestic and foreign theoretical and industrial circles.At present,domestic and foreign studies on the relationship between female directors and corporate performance focus on the impact of female directors' participation on corporate performance and the impact of female directors' demographic characteristics(such as age,education,etc.)on corporate performance,but the empirical results are not identical.In view of the fact that more scholars regard female directors' participation as an exogenous variable and neglect industry characteristics,this paper takes listed A-share manufacturing companies from 2012 to 2016 as samples,uses the method of systematic Generalized Method of Moments estimation to control endogenesis,measures the impact of female directors' participation on corporate performance,and studies the relationship between female directors' different types of social capital and corporate performance,from the perspective of social capital.The empirical results show that:(1)female directors' participation is negatively correlated with corporate performance,that is,female directors' participation impairs corporate performance;(2)From the perspective of function mode,female directors' social capital helps to improve corporate performance.But the relationship between different types of social capital and enterprise performance is different.Vertical social capital of female directors and reputation of female directors are positively correlated with corporate performance,but not significantly.Horizontal social capital of female directors is positively correlated with corporate performance.This research enriches the domestic research on female directors and corporate performance,and has certain significance on how to exert the governance effect of female directors in enterprises.