An Empirical Study On The Relationship Between Female Leadership And Corporate Performance In China's Listed Financial Enterprises

Senior leadership is the core staff of the company governance, playing an increasingly important role in corporate governance. It plays a very important role between the development of the effectiveness of corporate governance on the coordination of shareholders, board of director management and other stakeholders and the company. Leadership structure diversification has become a new research field of corporate governance in recent years, discuss the problem at home and abroad in theoretical and industrial circles of concern. Gender diversity is one of the important problems of leadership structure diversification, mostly discussing the participation of women in leadership team will eventually affect the company’s performance.According to gender diversity, many foreign scholars and research institutions launched a series of in-depth research on the impact of female leadership in corporate governance factors and treatment effect. In western countries, it has been the emergence of a large number of empirical results on the investment of female leadership on corporate performance, corporate governance and corporate strategic impact. At present, in academic circles of our country, the view of leadership team of research mainly concentrated on the board of directors of the structure and characteristics, according to gender diversity in corporate leadership teams did not appear to be leadership structure classified according to the functions of the role of research, there are only female director features as the object to discuss, in our country at present, the female leaders to influence the corporate performance research is very few.The existing research involved in the industry, most of them will be excluded from the financial sector. Due to the the special role of financial enterprises of the economic and monetary operations, making its corporate governance issues obviously not in other industries, so the previous researchers came to the conclusion in financial enterprises is applicable and still need further research. This paper uses the method of combination of theoretical analysis and empirical research, to explore the relationship between female leadership and financial performance of the enterprise.First of all, this article will ever on women in leadership research literature and corporate governance related theory as the background, combined with the particularity of corporate governance of financial enterprise, from the non competitive discrimination theory, principal agent theory, stakeholder theory, psychology and other multi angle analysis of the female leadership influence financial performance of a firm theoretical support, in order to provide a theoretical basis for this study.Secondly, this paper selects China’s domestic 41 listed financial companies in 2010 2014 years five years of 800 set of quarterly data as the study sample, on female leadership of listed financial enterprises through the analysis of the current situation, putting forward the research hypothesis, using a variety of methods on the empirical research of the relationship between female leadership and the financial performance of a firm.In this paper, on the basis of previous scholars on women in leadership in the research literature, selecting financial enterprises in female leadership of feature index variables, such as:the proportion of female directors, supervisors and executives), female directors, supervisors, the number of executives), as the explanatory variable, comprehensive study of female collar guide in financial corporate governance impact on the performance. Control the behavior variables (women leadership of the average education level) and enterprise asset scale, leadership scale, financial leverage, per capita wages variables, empirical analysis of female leadership and where the financial enterprises operating performance (total assets ROA, return on net assets between ROE).In this paper, based on the sample data, get the following conclusion:(1) China’s listed financial enterprises, female leaders accounted for less, far below the level of the international women’s leadership and other sectors of the domestic proportion.(2) How much influence on corporate financial enterprises in the number of female leadership performance is not obvious. After the inspection can be drawn, the proportion of female leadership in 0-35% or 35%-70% not much difference between the impact on business performance effect.(3) Women leaders in the corporate finance proportion and performance indicators ROA, ROE had obvious influence. Among them, the proportion of women directors and female directors on corporate performance have positive effect, and the proportion of female executives on firm performance was negative effect.(4) Female leaders are well educated, with an average of master’s degree, and a number of female leaders are CPA, senior accountants and other professional and technical personnel.The deficiency of this paper lies in:(1) The sample size is too small. Due to the domestic financial market operation later, financial supervision mechanism is not perfect, information disclosure is not perfect, the listed financial companies is not sufficient enough and for the market is not lasting long, caused many difficulties in data collection, the sample size is not sufficient, the results of the study have certain effect.(2) The index system is not perfect. This paper does not from multiple dimensions of female leadership characteristics analysis, nor the establishment of a comprehensive performance evaluation index to cause the whole article index system which affects the results of empirical analysis.(3) Female leadership structure is not described in detail, such as women on the board of directors of division of population for the female executive number of directors, the number of female independent directors are analyzed separately, nor having different roles of directors how corporate directors will operate, management and decision-making or business performance all students the influence to explain in detail.