Research On The Effect Of Female Executiveson Corporate Social Responsibility

In recent years,more and more working women enter into the rank of senior enterprise leaders with the continuous improvement of female social status and value.The working women do not only have obtained the attention from all sectors of society,but their rights and interests also have been safeguarded by the national legal level.As one of the nations that are with the relatively high female labor participation rate,China now also has gradually realized the value and importance of female in enterprises.Meanwhile,enterprise's existence value has some change as well,the enterprise does no longer merely pursues for profit or shareholder value,but for most time,embodies the undertaking of social responsibility.The new Company Law carried out in early 2006 has introduced the concept of social responsibility,and which requires enterprises to must fulfill the social responsibility,it is not only the public welfare undertakings,but also the strategy for companies to improve the competitive capacity and earning capacity.SZSE(Shenzhen Stock Exchange)and SSE(Shanghai Stock Exchange)has issued Enterprise Social Responsibility Guidelines in 2006 and 2008 respectively.As everyone knows,the undertaking of enterprise social responsibility depends on the company's decision making and governance,while the senior female leaders also have certain influences on the company's decision-making and governance,thus the research on the relations between senior female leaders and enterprise social responsibility performance becomes a hot spot of domestic and foreign discussion.This article bases on the imbalanced panel data of China's Shanghai and Shenzhen A share 2007-2015 listed company,to study the influence of senior female leaders on enterprise social responsibility performance.The article combs the logical relations between senior female leaders and enterprise social responsibility performance through defining the enterprise social responsibility and theoretically analyzing Management.Human Resources,Psychology.Ethics,and Sociology,etc in a multi-view way.And it further sets the report which discloses the enterprise social responsibility as index,to analyze the system background and current developing conditions of enterprise social responsibility performance.In order to solve the endogenous problems caused by company's individual characteristic differences,thus the paper processes the original data with PSM(Propensity Score Matching).establishes two groups' sub-samples of processing group and controlling group,for making the sample selection of senior female leaders to be random.At the same time,for controlling the overall factors influences of the unobservable individual differences between samples and the unobservable time change,so this article adopts DID(Difference-in-Difference model)to observe the difference of enterprise social responsibility performance before and after the senior male leaders being replaced by senior female leaders,thus to reach the unbiased estimation of senior female leaders'influence on enterprise social responsibility performance.The research finds that,firstly,the senior female leaders of the enterprise are helpful for the undertaking of enterprise social responsibility;secondly,the senior female leaders of the enterprise are good for the stronger performance of enterprise social responsibility;thirdly,senior female leaders' influence on enterprise social responsibility undertaking is mainly reflected on the aspects of stockholders' equity protection,workers' rights and interests protection,consumers rights and interests,environmental protection,public relations and social public welfare,etc.Finally this article comes up with the relevant policy suggestions for strengthening enterprise social responsibility performance according to the empirical result.