Research On The Influence Of Female Executives’ Characteristics On Financial Performance Of Listed Companies

With the development of society and economics,the improvement of woman’s social status.More women are breaking “glass ceilings”restrictions to participate in economic and management activities,stand out in companies’ management and create miracles in business.This aroused great concern in the community.Many scholars have conducted research on the correlation between female executive and corporate performance,more research findings show that female executives have a positive impact on promoting corporate performance.By analyzing the current situation of researching,many scholars have studied the influence of female executives participating in companies’ management or the number of female executives or the proportion of female executives on corporate performance.Some scholars conducted research on the impact of characteristics of female executives in companies’ performance.However,there are many different performance measures,many scholars use different performance indicators or research methods to get different conclusions.In order to further study the impact or the mechanism of between the two,this paper explores the influence of female executives’ characteristics on companies’ performance from the perspective of female female executives’ characteristics.Deepening existing research is conducive that companies more scientifically specify the training and introduction plan of female executives suitable for itself,further improve the incentive mechanism and establish a highly-quality senior management team.This could be beneficial to long-term development of companies.This takes the A-shared listed companies in Shanghai and Shenzhen stock markets as the research object in 2008-2018 except financial insurance,ST and other special listed companies.This empirically analyzes the impact of female executives’ characteristics in financial performance from the four aspects of female executives’ tenure,educational background,professional background heterogeneity and salary level,and measures the companies’ financial performance by EVA.Samples are divided into state-owned group and non-state-owned group according to nature of company property rights to carry out contrastive analyze the influence of between the two.In order to verify the reliability of the conclusion.The endogenous test was carried out in this paper.Combined with the research conclusions,the corresponding policies are proposed,and the deficiencies and future research prospects of this paper are proposed.The research shows that there is a significant positive correlation between the tenure of female executives and financial performance of listed companies.There is a significant positive correlation between the educational background of female executives and financial performance of listed companies.There is a highly significant positive correlation between the salary level of female executives and financial performance of listed companies.There is positive correlation between the tenure of female executives and financial performance of listed companies in wholesale and manufacturing industries,while it is a negative correlation in the real estate industry.The tenure of female executives in listed companies whose growth period is 11-20 years has a positive impact on financial performance;There is positive correlation between the education background of female executives and financial performance of listed companies in real estate and manufacturing industries,while it is a negative correlation in the retail industry.The degree of female executives in the growth period of1-10 years in listed companies has s greater positive effect on performance than that of other companies in the growth period;Compared with the real estate industry,it it a strong positive correlation between female executive compensation level and financial performance in manufacturing and wholesale and retail industries.The impact of female executive compensation level in listed companies with a growth period of 11-20 or 21-30 years on financial performance is greater than the impact of female executive compensation level in listed companies with a growth period of 1-10 years on it.