A Research On The Influence Of The Female Executives On Corporate Risk Taking And Firm Value

With the rapid development of economy in our country,the free consciousness of gender equality has improved,female social status has been promoted as well.Therefore,a growing number of companies are willing to hire outstanding female as executives for the operations and management,female executives have also made achievements in the business world.The gender diversity is an important point of the study of TMT heterogeneity,so the female executives caught the attention of the scholars.Foreign scholars have started a multidimensional study of them,while domestic research is just beginning.It is rare that the foreign studies are suitable for our national conditions,so the research on this aspect of our country is worthy of attention.In order to research the relationship between female executives,corporate risk taking level and the firm value,this paper carried on the empirical test to the three,based on the data from 2011 to 2015,with multiple linear regression method.The results show that the proportion of female executives has significant positive correlation with firm value,which means that increasing the proportion of female executives can increase the value of firm to a certain extent.In the meantime,the corporate risk taking level has a significant negative correlation with the proportion of female executives,that is,increasing the proportion of female executives is conductive to reduce the risks that faced by enterprise.To investigate further on the mechanism of action of female executives in firm value,this paper,verified it by the three-step search,which is used for the mediating variable,found that corporate risk taking level is the mediator between female executives and firm value,but it presents partial mediating effect.That is to say,female executives improving the firm value by lowering corporate risk taking level.The results show that female executives were more risk-averse than male.This conclusion is consistent with the existing research conclusion.To study the female executives of firm,can enrich the existing theoretical research to some extent,increase the probability of optimize the board structure in future,offer help to perfect the related system of top management teams in listed company and push to reform the system,and to a certain extent,improve the efficiency of top management teams.