Female Directors And Corporate Performance

The board of directors is the core of corporate governance,and plays an important role in strategic decision-making and supervision management,thus affecting corporate performance.The gender diversity of directors is an important feature of the board of directors,so more and more scholars pay attention to the influence of female directors on corporate governance.This paper attempts to examine how female directors improve corporate governance from the perspective of agency theory,and the impact of cash dividends on the relationship between female directors and corporate performance,and put forward some suggestions on how to improve corporate performance.This enriches the research on the relationship between female directors and corporate performance,and has a certain guiding significance for the personnel arrangement of the board of directors and the use of dividend policy.This paper studies the relationship among female directors,cash dividends and corporate performance.In terms of research methods,normative analysis and empirical research are combined.In the theoretical part,the functions and roles of female directors are systematically elaborated by using domestic and foreign literature,and the relationship between female directors and corporate performance and the moderating effect of cash dividend on the relationship are discussed from the perspective of agency theory.In the empirical analysis part,the data of listed companies disclosed in CSMAR database from 2008 to 2015 are selected,and the data missing samples are eliminated,and the data collected and collated are analyzed by using the fixed effect model.The results show that the proportion of female directors is positively correlated with corporate performance,and cash dividend plays a reverse regulatory role.The reason may be that the agency problem of Listed Companies in our country is serious at present.The female directors mainly promote the company's performance by strengthening supervision and reducing agency problems,female directors and cash dividends can reduce agency problems,so cash dividends can reverse the relationship between female directors and corporate performance.It is also found that female directors' educational background,age and professional background(finance and management)can promote the positive impact of female directors on corporate performance.In addition,by exploring three different types of agency problems,it is found that only in low dividend payment,high free cash flow and non-state-owned enterprises,the relationship between female directors and corporate performance and the moderating effect of cash dividend are significant.In the second type of agency cost high samples,there is a significant positive correlation between female directors and corporate performance,but there is no moderating effect of cash dividend.By exploring the non-linear relationship between female directors and corporate performance,we find that the high proportion of female directors may damage corporate performance.Although there are a lot of literatures at home and abroad on the relationship between female directors and corporate performance,the conclusions are quite different,which may be due to the lack of situational factors on the regulatory role of female directors.The conclusion of this study is that female directors can promote corporate performance improvement in general,but in the sample of high dividend payment,low free cash flow and state-owned enterprises,the impact is not significant,indicating that the improvement of corporate performance by female directors is affected by situational factors.