Weitere Artikel dieser Ausgabe durch Wischen aufrufen
Chinese listed companies have a two-tier (dual) governance structure that comprises a supervisory board/committee (SB) and the board of directors (BoD). However, as there is no hierarchical relationship between them, the two boards are independent. This is different from the governance mechanism in Continental Europe in which the SB appoints the directors of the management board; in this sense, the Chinese two-tier governance structure is unique. We investigate the impact of governance characteristics and ownership structure on gender diversity of both the BoD and the SB for a sample of 892 Chinese Initial Public Offerings floated in both the Shanghai and Shenzhen Stock Exchanges. We find that the average proportion of female directors and female SB members on the BoD and the SB are 10 and 22 %, respectively. Using both static and dynamic panel data methods, we find that there is no significant impact of board structure on gender diversity in China. However, we find a positive and significant relationship between SB size and gender diversity. We also find that the higher the state ownership, the lower the female representation on both boards. Finally, our findings show that there is a bi-directional relationship between financial performance and the proportion of female directors sitting on the BoD.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Adams, R., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291–309. CrossRef
Adams, R. B., & Mehran, H. (2012). Bank board structure and performance. Evidence for large holding companies. Journal of Financial Intermediation, 21(2), 243–267. CrossRef
Agrawal, A., & Knoeber, C. (2001). Do some outside directors play a political role? Journal of Law and Economics, 44(1), 179–198. CrossRef
Allen, F., Qian, J., & Qian, M. (2005). Law, finance, and economic growth in China. Journal of Financial Economics, 77, 57–116. CrossRef
Anderson, R. C., Reeb, D. M., Upadhyay, A., & Zhao, W. (2011). The economics of director heterogeneity. Financial Management, 40(1), 5–38. CrossRef
Andres, D. P., & Vallelado, E. (2008). Corporate governance in banking: The role of the board of directors. Journal of Banking & Finance, 32, 2570–2580. CrossRef
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297. CrossRef
Ben-Amar, W., Francoeur, C., Hafsi, T., & Labelle, R. (2013). What makes better boards? A closer look at diversity and ownership. British Journal of Management, 24(1), 85–101. CrossRef
Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257–273. CrossRef
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115–143. CrossRef
Bohren, O., & Strom, R. O. (2010). Governance and politics: Regulating independence and diversity in the boardroom. Journal of Business Finance & Accounting, 37(9), 1281–1308. CrossRef
Boone, A. L., Field, L. C., Karpoff, J. M., & Raheja, C. G. (2007). The determinants of corporate board size and composition: An empirical analysis. Journal of Financial Economics, 85, 65–101. CrossRef
Brammer, S., Millington, A., & Pavelin, S. (2007). Gender and ethnic diversity among UK corporate boards. Corporate Governance: An International Review, 15(2), 393–403. CrossRef
Burke, R. J., & McKeen, C. A. (1990). Mentoring in organizations: Implications for women. Journal of Business Ethics, 9(4–5), 317–332. CrossRef
Campbell, K., & Vera, A. M. (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83, 435–451. CrossRef
Carpenter, M. A., & Westphal, J. D. (2001). The strategic context of external network ties: Examining the impact of director appointments on board involvement in strategic decision making. Academy of Management Journal, 44(4), 639–660. CrossRef
Carter, D., D’Souza, F., Simkins, B., & Simpson, G. (2010). The gender and ethnic diversity of US boards and board committees and firm financial performance. Corporate Governance: An International Review, 18(5), 396–414. CrossRef
Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. The Financial Review, 38, 33–53. CrossRef
Cha, L. M. (2001). The future of China’s capital markets and the role of corporate governance. Luncheon speech at China business summit. Presented by Vice Chairman, China Securities Regulatory Commission, Beijing, April 18.
Chambers, E. G., Foulon, M., Handfield-Jones, H., Franklin, S. M., & Michaels, E. G, I. I. I. (1998). The war for talent. The McKinsey Quarterly, 3, 44–57.
Chen, C. H., & Al-Najjar, B. (2012). The determinants of board size and independence: Evidence from China. International Business Review, 21(5), 831–846. CrossRef
Conyon, M. J., & Mallin, C. (1997). Women in the boardroom: Evidence from large UK companies. Corporate Governance: An International Review, 5, 112–117. CrossRef
CSRC. (1999). Measures on further promoting standardized operations and deepening the reform in overseas-listed companies. Beijing: Chinese Securities Regulatory Commission.
CSRC. (2001). Guidelines for establishing independent directors of listed companies. Beijing: Chinese Securities Regulatory Commission.
Deloitte, (2011). Women in the boardroom: A global perspective. Washington, DC: Deloitte Global Center for Corporate Governance.
Dobbin, F., & Jung, J. (2011). Corporate board gender diversity and stock performance: The competence gap or institutional investor bias? North Carolina Law Review, 89(3), 809–838.
Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102–111. CrossRef
Falkenberg, L., & Monachello, M. (1990). Dual-career and dual income families: Do they have different needs? Journal of Business Ethics, 9(4–5), 339–351. CrossRef
Farag, H., & Mallin, C.A. (2014). Board diversity in European Banks: The influence of corporate governance, bank characteristics, and performance, Working Paper.
Farrell, K. A., & Hersch, P. L. (2005). Additions to corporate boards: The effect of gender. Journal of Corporate Finance, 11(1–2), 85–106. CrossRef
Firth, M., Fung, P. M., & Rui, O. M. (2007). Ownership, two-tier board structure, and the informativeness of earnings–evidence from China. Journal of Accounting and Public Policy, 26(4), 463–496. CrossRef
Guariglia, A., Liu, X., & Song, L. (2011). Internal finance and growth: Microeconometric evidence on Chinese firms. Journal of Development Economics, 96(1), 79–94. CrossRef
Gul, F. A., Srinidhi, B., & Ng, A. C. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of Accounting and Economics, 51(3), 314–338. CrossRef
Haslam, S. A., Ryan, M. K., Kulich, C., Trojanowski, G., & Atkins, C. (2010). Investing with prejudice: The relationship between women’s presence on company boards and objective and subjective measures of company performance. British Journal of Management, 21, 484–497.
Hermalin, B. E., & Weisbach, M. S. (1998). Endogenously chosen boards of directors and their monitoring of the CEO. American Economic Review, 88(1), 96–118.
Hillman, A. J., Cannella, J. A. A., & Paetzold, R. L. (2000). The resource dependence role of corporate directors: Strategic adaption of board composition in response to environmental change. Journal of Management Studies, 37, 235–255. CrossRef
Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28, 383–396.
Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48, 831–880. CrossRef
Jia, M., & Zhang, Z. (2013). Critical mass of women on BODs, multiple identities, and corporate philanthropic disaster response: Evidence from privately owned Chinese firms. Journal of Business Ethics, 118(2), 303–317. CrossRef
Kandel, E., & Lazear, E. P. (1992). Peer pressures and partnerships. Journal of Political Economy, 100, 801–817. CrossRef
Lang, K. (1986). A language theory of discrimination. Quarterly Journal of Economics, 101, 363–382. CrossRef
Law, Company. (1993). The company law of the People’s Republic of China. Beijing: The standing committee of the National People’s Congress.
Lin, T. W. (2004). Corporate governance in China: Recent developments, key problems, and solutions. Journal of Accounting and Corporate Governance, 1, 1–23.
Lin, C., Shen, W., & Su, D. (2005). Corporate tournament and executive compensation in a transitional economy (Working paper). University of Florida and University of Otago.
Luckerath-Rovers, M. (2011). Women on board and firm performance. Journal of Management & Governance, 1–19.
Mahadeo, J. D., Soobaroyen, T., & Hanuman, V. O. (2012). Board composition and financial performance: Uncovering the effects of diversity in an emerging economy. Journal of Business Ethics, 105, 375–388. CrossRef
Mallin, C. A. (2013). Corporate governance (4th ed.). Oxford: Oxford University Press.
Mateos de Cabo, R., Gimeno, R., & Nieto, M. J. (2012). Gender diversity on European banks’ board of directors. Journal of Business Ethics, 109, 145–162. CrossRef
Miller, T., & del Carmen Triana, M. (2009). Demographic diversity in the boardroom: Mediators of the board diversity-firm performance relationship. Journal of Management Studies, 46(5), 755–786. CrossRef
Morck, R., Shleifer, A., & Vishny, R. (1988). Managerial ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293–315. CrossRef
Nekhili, M., & Gatfaoui, H. (2013). Are demographic attributes and firm characteristics drivers of gender diversity? Investigating women’s positions on French boards of directors. Journal of Business Ethics, 118, 227–249. CrossRef
O’Reilly, C. A, I. I. I., Caldwell, D. F., & Barnett, W. P. (1989). Workgroup demography, social integration, and turnover. Administrative Science Quarterly, 34, 21–37. CrossRef
OECD. (2011). Corporate governance of listed companies in China: Self- Assessment by the China Securities Regulatory Commission, OECD Publishing. doi: 10.1787/9789264119208-en.
Pathan, S., & Faff, R. (2012). Does board structure in banks really affect their performance? Journal of Banking & Finance, 37(5), 1573–1589. CrossRef
Peasnell, K. V., Pope, P. F., & Young, S. (2005). Board monitoring and earnings management: do outside directors influence abnormal accruals? Journal of Business Finance and Accounting, 32, 1311–1346. CrossRef
Peterson, C. A., & Philpot, J. (2007). Women’s role on US fortune 500 boards: Director expertise and committee memberships. Journal of Business Ethics, 72(2), 177–196. CrossRef
Putnam, R. D. (2007). E Pluribus Unum: Heterogeneity and Community in the Twenty-First Century—The 2006 Johan Skytte Prize Lecture. Scandinavian Political Studies, 30(2), 137–174. CrossRef
Raheja, C. G. (2005). Determinants of board size and composition: A theory of corporate boards. Journal of Financial and Quantitative Analysis, 40(2), 283–306. CrossRef
Randøy, T., Thomsen, S., & Oxelheim, L. (2006). A Nordic perspective on corporate board diversity. Norway: Nordic Innovation Centre Project, Agder University College.
Reagans, R., & Zuckerman, E. W. (2001). Networks, diversity, and productivity: The Social capital of Corporate R&D Teams. Organization Science, 12, 502–517. CrossRef
Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. Stata Journal, 9, 86–136.
Ryan, M. K., & Haslam, A. S. (2005). The Glass cliff: Evidence that women are over- represented in precarious leadership positions. British Journal of Management, 16, 81–90. CrossRef
Singh, V., Kumra, S., & Vinnicombe, S. (2002). Gender and impression management: Playing the promotion game. Journal of Business Ethics, 37(1), 77–89. CrossRef
Terjesen, S., Sealy, R., & Singh, V. (2009). Women directors on corporate boards: A review and research agenda. Corporate Governance: An International Review, 17(3), 320–337. CrossRef
Vafeas, N. (2000). Board structure and the informativeness of earnings. Journal of Accounting and Public Policy, 19, 139–160. CrossRef
Vafeas, N. (2005). Audit committees, boards, and the quality of reported earnings. Contemporary Accounting Research, 22(4), 1093–1122. CrossRef
van der Walt, N., & Ingley, C. (2003). Board dynamics and the influence of professional background, gender and racial diversity of directors. Corporate Governance: An International Review, 11, 218–234. CrossRef
Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105(3), 581–606. CrossRef
Xu, X., & Wang, Y. (1999). Ownership structure and corporate performance in Chinese stock companies. China Economic Review, 10, 75–98. CrossRef
Yi A. (2011). Mind the gap: Half of Asia’s boards have no women, a risky position for governance and growth. The Korn Ferry Institute.
Yuan, R., Xiao, J. Z., Milonas, N., & Zou, J. H. (2009). The role of financial institutions in the corporate governance of listed Chinese companies. British Journal of Management, 20(4), 562–580. CrossRef
Zou, H., & Adams, M. B. (2008). Corporate ownership, equity risk and returns in the People’s Republic of China. Journal of International Business Studies, 39(7), 1149–1168. CrossRef
- The Impact of the Dual Board Structure and Board Diversity: Evidence from Chinese Initial Public Offerings (IPOs)
- Springer Netherlands
Neuer Inhalt/© Stellmach, Neuer Inhalt/© BBL, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Neuer Inhalt/© hww, Voraussetzungen für wirtschaftliche additive Fertigung/© Marco2811 | Fotolia