Research Of The Influence Of Female Directors’ Participation In Corporate Governance On The Performance Of Chinese Listed Companies

The participation of female directors in corporate governance is one of the areas of concern for board diversity,which may have a significant impact on corporate performance.Some countries such as Spain and Switzerland have even formulated relevant laws and regulations,expressly stipulating that qualified companies must have a certain number of female directors or female executives.Empirical research on the relationship between female directors and company performance will help to put forward valuable suggestions for the company’s personnel arrangement and selection system,and it will also help the company to make better arrangements of capital structure and organizational structure in business management.Some studies show that female directors have a positive impact on company performance,while others believe that female directors have no significant impact on company performance,and some studies show that female directors have a significant negative impact on company performance.Principal-agent theory,resource dependence theory,high-level team theory and human capital theory suggest that female directors’ participation in governance is conducive to enriching the resources and human capital required for the company’s development,helping to build a higher-level governance team and reducing the company’s agency question.Based on the aforementioned theories,this study proposes four research hypotheses on the relationship between female directors and corporate performance,and take the company’s ROE as the explained variable to measure the performance of listed companies,and construct four explanatory variables with the proportion of female directors,the power of the female director,and the average age of female directors and whether female directors also serve as CFO as explanatory variables and uses multiple linear regression empirical analysis methods to measure the data of 1880 companies in Chinese A-share listed companies from 2016 to 2020.Empirically analyzes the influence of female directors on the performance of Chinese listed companies.The research results show that although the proportion of female directors,the power of female director,the average age of female directors and female directors also serve as CFO all have a low degree of influence on company performance,they are not significant and will not have a significant impact on company performance.The main reason for the above research results may be that the proportion of female directors in Chinese listed companies in the board of directors are generally low and female directors are also generally less influential on board.Female directors cannot effectively play an active role and cannot substantially influence the decision-making of the company’s board in the listed companies.