Board of directors is one of the important parts of the corporate internal governance mechanism. Using panel data from 144 China＇s private listed companies during 2001-2003, this paper empirically studies the relatio...Board of directors is one of the important parts of the corporate internal governance mechanism. Using panel data from 144 China＇s private listed companies during 2001-2003, this paper empirically studies the relationship between board characteristics and capital structure with the methods of pooled OLS, first-order difference model and fixed ,effect model.展开更多
Female directors have become common in private companies. Using data from private listed companies in China＇s A-share stock market from 2000 to 2009, this paper analyzes whether the existence of female directors can ...Female directors have become common in private companies. Using data from private listed companies in China＇s A-share stock market from 2000 to 2009, this paper analyzes whether the existence of female directors can enhance firm value. Results show that female directors have a significantly positive impact on firm value. Moreover, female directors promote enterprise value less significantly in regions with better institutional environment, which implies that there is a substitution relationship between female directors and institutional environment. Furthermore, we use 2SLS （two-stage least squares） and LEVOP （lag the explanatory variables one period） to control endogeneity, and the research conclusion remains robust. Our study provides additional empirical evidence for economic consequence of female directors, and expands research on the relationship between board structure and firm value.展开更多
基金This paper is sponsored by Guangdong Soft Science Foundation Project （No. 2003C70129）.
文摘Board of directors is one of the important parts of the corporate internal governance mechanism. Using panel data from 144 China＇s private listed companies during 2001-2003, this paper empirically studies the relationship between board characteristics and capital structure with the methods of pooled OLS, first-order difference model and fixed ,effect model.
文摘Female directors have become common in private companies. Using data from private listed companies in China＇s A-share stock market from 2000 to 2009, this paper analyzes whether the existence of female directors can enhance firm value. Results show that female directors have a significantly positive impact on firm value. Moreover, female directors promote enterprise value less significantly in regions with better institutional environment, which implies that there is a substitution relationship between female directors and institutional environment. Furthermore, we use 2SLS （two-stage least squares） and LEVOP （lag the explanatory variables one period） to control endogeneity, and the research conclusion remains robust. Our study provides additional empirical evidence for economic consequence of female directors, and expands research on the relationship between board structure and firm value.
