The role of female directors in corporate investment in China

Zhi Jin, Shunlin Song and Xue Yang

China Journal of Accounting Studies, 2014, vol. 2, issue 4, 323-344

Abstract: This paper investigates the effects of regional market environment and organisational-power environment on the relationship between female directors and corporate-investment efficiency in the Chinese institutional context. Our results show that although a higher proportion of female directors is, in general, associated with a lower level of investment efficiency, both a stronger market environment and a lower power concentration may attenuate the negative effect of female directors on investment efficiency. The association between female directors and investment efficiency is negative and significant in regions with a weaker market environment and in firms with a higher power concentration, but insignificant in regions with a stronger market environment and in firms with a lower power concentration. These findings indicate the importance of considering a regional environment and organisational environment when examining the role of female directors in board governance.

Date: 2014
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DOI: 10.1080/21697213.2014.984265

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