The Effects Of Women On Corporate Boards On Firm Performance With Financial Difficulties

With the economic and social development,it has emerged many outstanding female leaders in political,business,education,technology and other industries.More and more women have the opportunity to show their ability and charm,and their unique leadership plays important role in political and economic development for different industries.The rise of female leadership has become a global trend.Former CCTV host,now purple dragon fund founder Zhang Quanling in the "2016 Chinese women leadership Summit Forum",said nowdays women make much contribution to all walks of life,a lot of outstanding women with the positive energy become a model in workplace.Women on the board of directors,supervisors and top management has become an increasingly important topic for business and academia.Whether women's participation in corporate governance has effect on performance,there is no uniform conclusion until now.Past studies rarely distinguish between female directors and female executives.Such confusion is not conducive to identifying the nature of female participation.Therefore,this paper tried to distinguish the role of women in decision making,management,supervision,and the integration of the two powers to explore their impact on corporate performance.In addition,Schumpeter has said that their own business conditions will affect the entrepreneur's activity configuration,then when the organization is in different financial situations,female leaders of the activities will be different?Under the cold global economy,more and more enterprises may face financial distress,then the financial distress will influence the relationship between corporate governance and corporate performance?Based on the above problems,this paper takes a large sample of empirical research methods.The first part is introduction.It mainly describes the research background,purpose,significance,method,frame and the research innovation.The second part is the theoretical basis and literature review.This chapter mainly elaborates the basic theories related to this research,such as the theory of high-level echelon,the theory of resource dependence,etc.,on the basis of which,on the basis of domestic and foreign information on female executives,financial distress,The paper introduces and summarizes the latest research progress related to this research,and summarizes and comments from the perspective of participating in decision-making power,supervisory power,management right and two-power integration.Chapter 3 studies the model and the hypotheses.This chapter discusses the influence of women's right to participate in decision-making,supervision,management,and the right of two powers on the performance of the company,and deduces the moderating effect of the financial situation on their relationship.Based on the theoretical foundation and the literature review and management experience,Thus putting forward the research hypotheses.The fourth chapter is research design and empirical analysis.In this paper,we use SPSS 17.0 to analyze 4158 observations of 1420 private enterprises(except ST)listed on Shanghai and Shenzhen A-shares in 2012-2014.The fifth chapter is the research conclusion and the research prospect.Based on the analysis results,the author draws the conclusion and puts forward the limitation of management suggestion and expenditure research,and puts forward the future research direction of female participation in the field of corporate governance.1.The higher the degree of decision making,the worse the performance of the enterprise;2.The higher the degree of women's participation in the supervision,the better the performance of the enterprise;3.The women's participation in decision-making has a positive effect on the enterprise performance;Women's participation in management has a positive effect on corporate performance;4.When the company is in financial distress,women's participation in management,women's right to a positive impact on business performance has weakened.The innovation of this paper lies in the following aspects:First,from the perspective of women's participation,it reveals the role of women in business management,helps enterprises to tap the unique advantages and potentials of women,and improve enterprise efficiency and performance.Most of the previous studies have studied corporate governance from the perspective of governance structure and equity structure,while ignoring the perspective of female participation.Secondly,the author discovers the different roles of women in different rights roles from the perspective of control,management,supervision,and right-to-two,and then discusses the differences of women's roles in corporate governance.The previous research on female participation in corporate governance research did not female executives,female directors,female supervisors for analysis,such confusion is not conducive to our careful identification of women's unique ability and influence.Finally,from the internal environment of the enterprise,it is found that the financial distress has a moderating effect on the relationship between female participation and performance.Although some scholars are also concerned with finding the adjustment variables,most of them focus on industry characteristics,women's characteristics,external environment,and so on,rarely explore the internal environment of enterprises.