Female CEOs and corporate investment efficiency: Evidence from China

被引：25
|
作者：
Ullah, Irfan [1 ]
Majeed, Muhammad Ansar [2 ]
Fang, Hong-Xing [3 ]
机构：
[1] Dongbei Univ Finance & Econ, Sch Finance, Dalian 116025, Peoples R China
[2] Zhejiang Gongshang Univ, Int Business Sch, Hangzhou 310018, Peoples R China
[3] Dongbei Univ Finance & Econ, Sch Accounting, Dalian 116025, Peoples R China
来源：
BORSA ISTANBUL REVIEW | 2021年 / 21卷 / 02期
关键词：
China; Female CEOs; Investment efficiency; Overinvestment; Underinvestment; FINANCIAL-REPORTING QUALITY; FIRM PERFORMANCE; GENDER DIVERSITY; AGENCY PROBLEMS; CASH FLOW; GOVERNANCE; EXECUTIVES; COSTS; WOMEN; INFORMATION;
D O I：
10.1016/j.bir.2020.09.010
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the effect of female chief executive officers (FCEOs) on investment efficiency. Our study suggests that CEO gender plays a significant role in efficient investment decisions by improving governance and disciplining the management. We document that FCEOs are associated with higher investment efficiency. We also find that FCEOs, when making investment decisions, pay more attention to curbing overinvestment than to underinvestment. Furthermore, we find that FCEOs play no role in improving the investment efficiency of state-owned enterprises (SOEs). Our findings suggest that SOEs' investment decisions are independent of factors that shape investment decisions at non-state-owned enterprises and are more reliant on sociopolitical factors. Copyright (C) 2020, Borsa Istanbul Anonim Sirketi. Production and hosting by Elsevier B.V.
引用
收藏
页码：161 / 174
页数：14
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