Research On Relationship Between Gender Diversity And Information Disclosure Quality

Corporate governance refers to the collection of a series of power system, to ensure that the goal of management is consistent with company. As the growing financial scandals in the international community, corruption cases, corporate governance issues in the first place has become a hot topic around the world. From enron, an energy company, America’s third largest drugstore chain Ed, stone cases of communications of the company’s financial fraud to domestic green earth, the YinGuangXia, violet, xin pharmaceutical financial scandals. Gradually, academic and practical departments start to realize the importance of corporate governance study. In order to meet the needs of practice, the research of academic in the field of corporate governance is increasing, aims to address how to strengthen the company’s disclosure quality, how to reduce the financial fraud. So what are the factors affecting the quality of information disclosure, and how they affect the quality of information disclosure, only seizing the contradiction of the main problem, can we improve the quality of information disclosure on improvements.In Norway, Spain and other European countries legislation to clear the number of female directors to achieve a certain proportion in listed companies, in order to eliminate sex discrimination in women’s career development. after the introduction of female directors, Norway’s operating performance did not decline, always develop healthily in listed companies, which suggests that women can play a positive role in corporate governance. But from the view of big global companies, having a low percentage of women in the executive, and the proportion of women in different industry presents different, only in the consumption industry female executives is more than infrastructure, such as the IT industry, women glass ceiling phenomenon is still exist in women’s career advancement.As more and more research on women in the international community, From gender diversity over the board to the disclosure of the company secretary, women is playing a positive role in corporate governance. the system of the company secretary is originally helping the mainland Chinese companies listed on the Hong Kong stock exchange smoothly, but slowly we also need to enhance the quality of information disclosure in our capital market. theoretically, smooth implementation of the company secretary system in our country can not only improve the efficiency of operating, but also can develop the affection between company and stakeholders, improving the image of the company and reducing the cost of financing of the company. But all the implementation of the laws is not achieved overnight, improved road is bumpy. as the company’s first disclosure responsibility in2002, the first company secretary Gaofeng of East Electronic, with other senior managers joint financial fraud, attend to the defendant, making the system of company secretary into a crisis of confidence in the capital market in China. Later scholars (Zheng Boen ZongYanJun Li Ling minister, Wang Yi) looking for clues step by step from the data of listed companies in China, offering advice to perfect the system of company secretary in our country. International corporate governance research scope are expanding, has been abroad to the company secretary gender characteristics as the research object of the relevant literature, such as:a. Lincoln, and o. Adedoyin (2012) as Nigeria listed company data to study the diversity and the relationship between the corporate governance; Aminah Nalikka (2009) in Finland as an object of listed companies, the directors, the company secretary, chief financial officer gender diversity impact on voluntary disclosure of information of the annal report.Meanwhile, the study of female directors are rising up aboard, some eu countries even definitely require the board of directors in a certain proportion of women, which also gradually caused the wide attention of scholars both at home and abroad, corporate governance research has entered into a new field of interdisciplinary. now, executives gender differences research has just started in our country, relatively less domestic related references, the main reason is due to:1, defined in China’s traditional culture of women tend to be a housewife, such as the great mother image.2, in emerging markets, the proportion of women in key positions than in developed countries is much lower. Observing the development in recent10years in our country, the development of education and the progress of the society,to a large extent, making more and more women have more initiative in his career, in the field of many female characters can even better corresponds with the company culture, better able to play their own ability, but women in high society is rare, and only to break the bondage of the "glass ceiling", eliminate the doubts of the society, achieve the purpose of releasing energy of human capital, within the scope of our market research on women’s careers becomes more and more urgent.In domestic literature, the research focuses on the board of directors and company secretary characteristics such as age, professional knowledge, executives of gender differences and relationship between corporate governance research is fewer.Therefore, this article executives’ characteristic and the relationship between corporate governance research further refined to executive gender characteristic and the relationship between information disclosure quality research, mainly includes two aspects:first, women studies between the board scale and quality of information disclosure.Secondly, the company secretary gender differences between information disclosure quality research.Hope to find similar results with the study of abroad to further perfect the governance structure of listed companies in China.In this paper, using the specification method and empirical study of two typical research methods.In the top three plates in the article, mainly by using the method of inductive analysis of the characters of information disclosure, the board of directors, the company secretary, internal control system and executive payment and so on.By using the method of logic reasoning are discussed associated with the quality of information disclosure of the principal-agent theory, the differences of human capital theory, individual cognition theory, signaling theory and efficient market hypothesis theory.The empirical part mainly adopted relevant data of listed companies in our market in recent three years, build the information of disclosure quality and the proportion of women directors, information disclosure quality and the characteristics and hold shares of the company’s board secretary gender female chairman secretary and information disclosure quality three linear regression model of regression analysis, and by using descriptive statistics analysis, variables, correlation analysis and robustness testing one by one, has carried on the explanation of regression results.Through the empirical analysis shows that:(1) under the Shanghai and shenzhen A shares the whole sample, in this paper, the research hypothesis is true, the board of the proportion of women with was significantly positive correlation between information disclosure quality. In subsequent robustness test, this paper eliminate the risk of delisting warning, narrowing the scope of the samples, and draw the same conclusion. Is consistent with the foreign study results (Gul, Srinidhi, etc.,2011), and with our country (2012) the ancient legacy, the results are inconsistent, illustrates with the development of capital market in China, the status of women in the board of directors of the company is gradually ascending. Ancient legacy (2012) by scoring method to establish information disclosure quality measure system, just use the annual data of listed companies in2012under the whole samples have not been able to find women directors proportion and there is significant correlation between information disclosure quality, and through the state-owned and non-state-owned found after group discussion. In state-owned sample cases, the proportion of women directors and there is significant correlation between information disclosure quality, and under the non-state-owned samples, also failed to find the relationship between them. For the assumption2, this paper have not been able to find female company secretary to the company information disclosure quality have a significant impact, the reason may be the company secretary is affected by the insider control is relatively,which is serious in our country, more than half of other personnel for the company, its position company secretary also has no real power.And whether the board secretary holdings group research shows that in the presence of external incentive mechanisms, they are both company "face" and outside investors, when disclose information, they will launch a balance between the company and investors.directors reached a certain proportion, France in2011legislative requirements by the end of2014, in the company’s board of directors, the proportion of women must achieve20%.Observe all countries in the world gradually increasing proportion of senior women, also provides our country reference to promote female executives proportion of listed companies.In this paper, the main contributions and limitationsmain contributionFirst, the board of directors and the company secretary characteristics has always been a hotspot in the field of corporate governance, but the previous literature basically involves the characteristics of the professional background, age, tenure, etc., few articles involve executives gender characteristics and the relationship between corporate governance.Second, from subject integrated use of perspective, this paper studied the gender perspective of human capital on the relationship between the information disclosure quality before, to break the "glass ceiling", eliminate gender discrimination, pave the way for women’s career development provides a theoretical and data support.Finally, in the information disclosure quality indicators choice, in this paper to establish a research model, the market trading price and trading volume in alternative variable regression coefficient as a measure of the quality of information disclosure, from a certain extent than other information disclosure quality of substitution variables is more convincing.main limitationsFirst of all, based on the stocks of yield and volume regression coefficient kv as indicators of the quality of information disclosure, have a certain objectivity, but given the investors of capital market in China is not mature, chase after go up kill drop, fry concept, the market blue-chip perennial, low equity no performance of the company is served, such as irrational phenomenon is very serious, to a certain extent with the kv value cannot be very accurate measure of the quality of information disclosure. Limited time and energy, based on our country’s information disclosure quality measure remains to be further mining.Secondly, this paper accounts for the senior management of listed companies to introduce female character can bring positive influence to the company, only to prove that the proportion of women directors and information disclosure quality exists positive correlation, but did not prove that has a direct causal relationship between. Due to the factors affecting the quality of information disclosure, the model can’t list one by one, therefore, based on the research conclusion of this paper gives policy suggestion is effective in our country remains to be further validation, academia has yet to be further research.Finally, this article only from a gender perspective the women directors and chairman secretary and the relationship between the disclosure of information, Does not consider whether women directors have related experience, other factors such as age, education background, and these factors may also have a significant difference to the quality of information disclosure, could eventually draw different conclusions. Chief financial officer (CFO) as the chief executive officer (CEO) staff, are aware of the financial situation of the company, the company in the financial information disclosure more when they listen to the opinions of the finance director, if you can further consideration in the model, chief financial officer of gender relations between the characteristics and quality of information disclosure may be better, so still need further discussion.