Effects of top female leaders on R&D activities under different executive pay gaps

Hu Hui (), Hou Jianing (), Deng Yujing () and Zhang Changzheng ()

Journal of Accounting, Business and Finance Research, 2024, vol. 19, issue 1, 24-33

Abstract: Innovation is regarded as a crucial driver in achieving the vision of manufacturing power, and top female leaders play an increasingly important role in driving innovation. Based on a sample of 14,716 observations from Chinese manufacturing enterprises listed between 2010 and 2020, this study empirically examines the impact of top female leaders in different positions on (Research and Development) R&D intensity and investigates the moderating role of executive pay gap on this relationship. The results indicate that (1) female executive directors and female non-executive directors have a negative impact on R&D intensity, while female (Chief Finance Officer) CFO and female independent directors have a positive impact on R&D intensity, and there are no significant relationships between female supervisors, female (Chief Executive Officer) CEO, and female non-director executives and R&D intensity; (2) executive pay gap strengthens the negative effects of female executive directors and female non-executive directors on R&D intensity, weakens the negative effects of female CEO and female non-director executives on R&D intensity, and has no significant moderating role on the effects of female independent directors, female supervisors, and female CFO on R&D intensity.

Keywords: Executive pay gap; Female CEO; Female CFO; Female directors; Female supervisors; R&D intensity. (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spi:joabfr:v:19:y:2024:i:1:p:24-33:id:795

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