Female venture capitalists on boards and firm innovation in China

Jiani Fan, Xiuping Hua, Miao Wang and Yong Wang

The European Journal of Finance, 2024, vol. 30, issue 10, 1049-1072

Abstract: This paper empirically examines the representation of female venture capitalists (VCs) on boards and how they exert substantial influence on firm innovation performance in China. We first identify a positive association between female VCs’ board participation and firm innovation, implying that Chinese female VCs contribute to growing resource commitments and greater success in innovation through quality board services in portfolio firms. We then show that firms with female VC board directors exhibit a lower adverse effect of managerial myopia, capital market pressure, and product market competition on innovation activities. These results are robust to the use of instrumental variable (IV) estimations, subsamples, and alternative variable definitions.

Date: 2024
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DOI: 10.1080/1351847X.2023.2264930

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