The Impact Of Female Executives From Biological Medicine Industry Listed Companies On Corporate Performance

With the rapid rising of the global number of female executives, more and more scholars begin to study female executives involved in the relationship with corporate performance. In recent years, the study of female executives involved in corporate performance have made great progress, however, domestic research on this aspect is very few, most domestic scholars study is the problem of female directors participate in governance, only seven articles study the field of female executives. According to several relevant data, women entrepreneurs in China account for20%of the total number of entrepreneurs, and these are dominated by women enterprises with good corporate performanceResource dependence theory shows that the enterprise is an open system, enterprises need to get some resources from external environment in order to survive, and these resources which, the enterprise itself can’t product, so the enterprise will relate with the external environment to get some resource. Executives can build the bridge between enterprises and environment. At this point, the female executives can bring resources for enterprise through the following approaches:(1) Female executives know female consumers’consumption psychology more than male executives, and female executives have characteristics of careful and cautious, and a good listener, so female executives can help companies better understand the market demand.In addition, female executives can give general positive signals to female employees in the company, and they let female feel that they still have development prospects and space, and these can effectively reduce the company’s turnover rate, then reduce unnecessary loss of talent. Female executives can establish a good image for the company to the outside world, which is the company in terms of hiring talent, is fair, just, and there is no gender discrimination.(2) Female executives provide legitimacy for enterprises, sometimes the external environment and social pressure would force the company senior management to have a certain number of female executives, and otherwise it will give the enterprise a relevant punishment. In addition, some of the venture capital and angel investment institutions will consider the diversity of the senior management team members as an important indicator of quality evaluation of company. So, in order to improve the legitimacy of the company’s business, the company will appropriately hire female executives;(3) Female executives can provide companies with information communication channels, improve the company’s leadership communication effectiveness, and companies can conveniently get external environment support or commitment.(4) Female executives can bring the atmosphere of democracy to corporate governance, the characteristics of female executives often manifests itself in carefully, a good listener and more sensitive to the differences of different point of view, these characteristics of female executives are conducive to the smooth progress in corporate governance.From the current research literature, the theoretical foundation of female executives’research is also changed; from the upper echelon theories extends to resource dependence theory, and then extend from resource dependence theory to human capital theory, from the extended to the agent theory, human capital theory. According to the different theoretical basis, however, the scholars do a large number of empirical studies on the relationship between female executives and corporate performance, but the result is different. And early literature basic is aimed at large-scale companies, most of the research object is only for female directors, domestic literatures which divide industry to study the relationship between female executives and corporate performance of were rare. Based on the above discussion, this research puts forward two assumptions:Hypothesisl:Female executives have obvious promoting effect to corporate performance.Hypothesis la:The proportion of women directors has positive correlation with corporate performance.Hypothesislb:Female supervisors’ratio has a positive correlation with corporate performance.Hypothesislc:Female senior management ratio has positive correlation with corporate performance.Hypothesis2:Female executives’human capital enhances the relationship between the proportion of female executives and corporate performance.Hypothesis2a:Female directors of human capital enhance the relationship between the proportion of women directors and corporate performance.Hypothesis2b:Female supervisors of human capital enhance the relationship between the proportion of female supervisors and company performance.Hypothesis2c:Female human capital of senior executives enhances the relationship between the percentage of women in senior management and corporate performance.Foreign scholars’ study showed that different industry’s female executives have different impact on corporate performance. So, writer studies2012medical biotechnology industries, considering female executives as the explained variable, and studies the dimension of female executives. Because the present domestic researches have not study this felid, therefore, this research through the classification can know which position of female executives has effect on the corporate performance, which is an innovative point of this study. This is also an innovation of this research, in addition, the current domestic in the measure of corporate performance indicators is unitary, some researchers use market performance, some use financial performance, and the single index will affect the reliability of the research conclusion. Therefore the author uses both market performance and financial performance as a substitute for corporate performance, so as to improve the stability of the research conclusion. This study explore the female executives (women directors, supervisors, women in senior management) ratio influence on corporate performance, and discusses the female executives’ human capital which is an adjust variables how to affect the relationship between them.Through the empirical analysis found that female executives have a significant positive correlation on corporate performance, and the female education level enhance the correlation between them. Among them, women directors had no obvious effect on corporate performance, but the average education level of women directors can strengthen the relationship between them. Female supervisors have a significant positive correlation between corporate performances; the average education level of female supervisors can reinforce the positive correlation between them. Women in senior management have a significant role in promoting company performance, but the average education level of women in senior management will weaken the positive correlation between them.Dividing different industry to study how female executives impact on corporate performance is rare, and the author uses overall corporate performance indicators, besides that writer also studies different roles of female executives, and studies how female executives’ human capital affect the relationship between women executives and corporate performance. This study enriches the theory of female executives’ field, and provides the theoretical guidance and meaningful practice guidance for biological medicine industry about talent introduction strategy and the growth of listed companies in medicine and biology industry.