The Connection Between Women’s Participation In The Excutive Team And Corporate Performance

In the process of social development,women have always been labeled as "good wives and good mothers",and being puzzled by the so-called "steel ceiling" phenomenon,their work ability is often underestimated.In fact,more and more women stand out of other managers by their special managing ability.Research on the connection between women’s participation in the executive team and corporate performance can help improve the enterprise governance model and optimize the senior management team configuration.At the same time,it can also help create a fairer employment environment and broaden their career prospects.Previous studies on the relationship between female executive in top management teams and corporate performance focused on single indicator like the proportion of female executives,the number of female executives,the degree of female executives,the age of female executives and so on to measure its impact on the performance of enterprises in specific industry areas.But the single indicator is more concerned with the impact of a characteristic that how female executive teams affect corporate performance.In fact,the influence of female executives in business management is not only affected by their individual ability and quantity,but also by other factors such as position power,tenure and seniority and so on.Therefore,using the comprehensive index of female executive is helpful to measure the influence of female executives on corporate performance more comprehensively and accurately.Datas of A-share listed enterprises in Shanghai and Shenzhen Stock Exchanges between 2015 to 2018 are used to find the following conclusions: Firstly,the proportion and participation of female executives have increased year by year,and they are different between different industries.The proportion and participation of female executives in state-owned enterprises are higher than that in non-state-owned enterprises,and also in economically developed areas are higher than those in less developed areas.Secondly,female executives’ participation shows a significant negative correlation on Tobin’s Q value and price-sales ratio at the 1% level.Thirdly,professional system,ownership property and region feature have regulating effects on the relationship between female executive in top management teams and corporate performance.The innovation of this paper is as follows: Firstly,factor analysis is adopted to measure female executives’ participation degree by extracting four factors like executive power,board power,term qualifications and concurrent job,so as to realize the combination of "quantity" and "quality" of female executives’ participation.Secondly,whether to be finance director and independent director is selected as one of the variables of female executives’ participation,that help to refine the impact of job categories on female executives’ engagement.Thirdly,the time span and industry category of the research are expanded,so the research results are universal to some extent.In summary,this paper enriches the existing research system to a certain extent,and provides theoretical support for China’s enterprise management and female development.At the same time,it helps to scientifically assess women’s capacity for work and contribute to a more equitable employment environment.