Female Directors And The Quality Of Information Disclosure Of Listed Companies

As an important link connecting the supply and demand of resources in the capital market,information disclosure has attracted close attention from the theoretical and practical circles.Listed companies can communicate relevant business results and financial status to the outside world through information disclosure,and high-quality information disclosure is bound to enable stakeholders to better understand the true situation of the company and provide an effective basis for their decision-making,which is good for protecting investors Benefits,reducing financing costs,and improving the efficiency of capital market allocation.However,at present,there are still many problems in the information disclosure of listed companies in our country,such as imperfect information disclosure mechanism,related transactions,untimely information disclosure,and inflated profits.In order to maintain the healthy operation of the capital market,the quality of information disclosure of listed companies,the problem needs to be solved urgently.Therefore,finding the key factors that affect the information disclosure of listed companies and their mechanism of action,then improve the quality of information disclosed,has become the focus of research and practice.This article discusses the influence of female directors on the quality of information disclosure of listed companies from the characteristics of the number and Influence authority of female directors in the board of directors.This paper selects more than 3000 A-share listed companies in China from 2009 to 2018 as the research object,and manually collects female director ranking data from the annual reports of listed companies.Based on the commissioned generation theory,the high-level echelon theory,the resource dependence theory,and the organization hierarchy theory,this article shows the relationship between female directors and the quality of information disclosure of listed companies,and the empirical results of this article find that:(1)There is an inverted "U" between the number of female directors of listed companies and the quality of information disclosure.(2)When women in the board of directors are at a higher level of power,they can significantly improve the quality of information disclosure of listed companies to a certain extent;(3)In further analysis,in the environment of non-state-owned enterprises,companies with weaker gender equality on the board of directors,the empirical results partially found the "U"-shaped relationship between the number of female directors and the quality of information disclosure;And the role of female directors at a higher level in the board of directors in improving the quality of information disclosure,may be more pronounced in the case of state-owned enterprises,non-family companies,and boards with strong gender equality concepts;At the same time,the inverted U-shaped relationship between the proportion of female directors and the quality of information disclosure was partially discovered.After considering the influence of position factors,it was found that the ranking of non-independent female directors was more effective than that of female independent directors;(4)In addition,this article tested the main hypothesis of this article again by replacing the explained variables,two-stage forecasting model,and shortening the sample period.To a certain extent,the possible endogenous problems are excluded,and to a certain extent,it shows the robustness of the empirical results.