The Impact Of Female Managers On Cprporate Cash Holdings From The Perspective Of Life Cycle

The research on the influencing factors of cash holdings is an important aspect of the academic research on cash holdings.Researchers mainly based on the perspective of corporate governance,business strategy and macroeconomic environment,but,inconsistent with the reality,these studies rarely consider the impact of gender heterogeneity of managers.As an important member of the company’s top management team,women’s participation in corporate governance has become an irreversible trend in the commercial society,and women do play an irreplaceable role in many aspects.Therefore,this paper mainly investigates the influence of female executives on the lever of cash holdings in the whole company from the perspective of gender diversity among top-management team.The development of enterprises is based on a certain life cycle,and there are differences in the level of corporate governance,debt level and investment opportunities at different stages.Therefore,this paper will explore the relationship between female executives and cash holdings in different life cycle stages.In this thesis,the author chooses the date of listed companies,sorts and selects the data through guotai’an and Ruisi databases,and finally obtains a total of 12211 samples,and sets the correct variables and measurement indicators.Then,by combining various ways such as the ovetical analysis and logical reasoning,the author puts forward the research hypothesis of this thesis,that is,the mechanion of female excutives’ effects on the cash holdings in the company.After this,the author correlation analysis and multiple linear regression,the following conclusions are obtained:(1)there is a significant positive correlation between female executives and corporate cash holdings.(2)Different life cycle,female executives have different effects on corporate cash holdings.In the mature stage,female executives have a significant positive effect on cash holdings,and this positive effect is greater than that in the growth stage and recession stage,and the promotion effect of female executives on cash holdings is the weakest in the recession stage.(3)Further research shows that:in non manufacturing listed companies,female executives are significantly positively correlated with corporate cash holdings;corporate cash holdings and corporate excess cash holdings are positively correlated with corporate performance;female executives have no significant impact on corporate excess cash holdings;There is no over influence between female excutives and excessive cash holdings in the company;the condition of female excutives’ excessive cash holdings has no obvious effects on moderating the performance of the enterprise.corporate performance Female CFO is positively correlated with corporate cash holdings.To sum up,based on the life cycle perspective,this paper provides a new perspective for the research on the influencing factors of corporate cash holdings,enriches the research on the influence effect of female executives.Finally,combined with the theoretical basis and the discussion on the empirical results,this paper puts forward more practical suggestions for male executives,female executives,enterprises and government agencies.