董事会领导权结构的性别效应与企业绩效

Gender Effect of Board Leadership Structure and Enterprise Performance

本文检验了董事会领导权性别结构究竟如何影响企业绩效,以及这种关系如何依赖于性别地位差异而发生变化。利用中国上市公司2014—2018年数据进行检验发现:在董事长和CEO两职分离的情形下,相对于董事会领导权同性结构,董事会领导权异性结构对企业绩效有正向影响;董事会领导权异性结构与企业绩效关系会受到性别地位的影响,具体来说,董事会领导权异性结构对企业绩效的正向影响,在"男上女下"的性别结构形式中更显著。进一步考虑企业的产权性质进行检验发现",男上女下"性别结构对企业绩效的积极效应在民营企业中更显著。

How does the gender structure of board leadership affects corporate performance,and whether the impacts are different under different gender status or not.Using the data of Chinese listed companies from 2014 to 2018,the results show as follows.Under the situation of separation of chairman and CEO,the heterosexual structure of board leadership is beneficial to the improvement of corporate performance compared with the same‐sex structure of board leadership.The relationship between heterosexual structure of board leadership and corporate performance will be affected by gender status,specifically,the heterosexual structure of board leadership is beneficial to enterprises.The beneficial effecting is more significant in the form of gender structure of"men up and women down".Further considering the nature of property rights,the positive effect of gender structure on corporate performance is more significant in private enterprises.