上市公司为何聘任“她力量”加入董事会?——基于组态视角的模糊集定性比较分析

Why do public-listed companies hire"her"to join the board?From the configuration perspective of fuzzy-set qualitative comparative analysis

随着近年来企业中女性董事比例的迅速增加,女性董事在公司治理过程中担任的角色及其对企业战略决策的影响受到了国内外学者的广泛关注.但是,学术界关于企业为何选择聘任女性董事这一基础性问题的研究却很缺乏.本研究基于“觉察—动机—能力”(AMC)理论模型,运用模糊集定性比较分析方法,考察了行业女性董事比例、国有控股企业、女性领导者、多元化程度、性别平等文化、市场化氛围、财务绩效等七种条件下的组态效应对企业聘用女性董事的多重并发因素和因果复杂机制.研究发现高程度女性董事的驱动机制可以归纳为四种模式:“压力+氛围驱动型”、“压力+能力驱动型”、“压力+需求驱动型”和“需求+氛围驱动型”,而且女性领导者和行业女性董事比例是中国企业聘用女性董事的重要推动因素.研究发现高程度女性董事的驱动机制与非高程度女性董事的驱动机制存在非对称的因果关系.

Given the increasing presence of female directors in firms,the roles they play in leading firms'de-cision-making have attracted extensive attention.However,little is known about why firms choose to appoint female directors at boards.Based on the framework of awareness-motivation-capability(AMC),this paper em-ploys fuzzy-set qualitative comparative analysis method.This research investigates the configuration effects of seven congruent factors,including industry female director ratio,female leader,diversification,gender equali-ty culture,regional marketization,financial performance,as well as their causal complex mechanisms on the appointment of female directors.The results suggest that the driving mechanisms behind the presence of a high number of female directors can be categorized into four types:"pressure and atmosphere driver","pressure and capability driver","pressure and desirability driver"and"desirability and capability driver".Further,female leaders and industry female director ratio are critical driving factors.There is an asymmetric causal re-lationship between the mechanisms of high-degree female directors and those of non-high-degree female direc-tors.