Zhang, Ying
(2024)
The influence of women directors on Enterprise Innovation - Based on the diversification of the board of directors.
[Dissertation (University of Nottingham only)]
Abstract
The board of directors in corporate governance is crucial. It serves as a decision-making body within a company, linking shareholders and management. Core board responsibilities include protecting shareholder interests, crafting strategies, overseeing management, and ensuring governance. Research on board structure is significant in theory and practice due to its implications. Board diversity reveals varied member attributes. Contemporary theories suggest board members' characteristics affect decisions and performance. Scholars explore how diversity, including age, tenure, experience, education, and beliefs, impacts outcomes (Conyon & Mallin, 1997).
Recently, interest grew in gender diversity on boards. Policies in many countries aim to increase women's representation, sparking discussions on outcomes. Studies examine whether gender-diverse boards improve decision-making, governance, and performance. Behavioral finance suggests gender influences financial decision-making. Women tend to be risk-averse, while men may take more risks. These differences apply to executive decisions and investments.
In gender diversity research, studies link women in director roles to better financial performance. This includes higher asset returns and investment yields. References like Nguyen & Faff (2007), Liu et al. (2014), Carter et al. (2003), Erhardt et al. (2003), Campbell & Minguez-Vera (2008), and Post and Byron (2015) show women enhance firm value. Women's risk aversion boosts board credibility and may reduce aggressive tax practices (Macleod Hemingway, 2007; Francis et al., 2014).
However, research on gender diversity's financial impact varies. Some studies suggest negative market perceptions about female directors, challenging a consensus. Prior research mainly examines the link between female directors' proportion and business performance. Little exploration delves into how female directors influence corporate performance. This study aims to comprehensively explore gender diversity's economic effects, focusing on corporate innovation. Key research questions include:
1. Is there a statistically significant correlation between female directors and corporate innovation?
2. Are there variations in the relationship between female directors and corporate innovation among companies with different ownership structures?
3. Do disparities exist in board gender diversity's impact on corporate innovation, especially in the high-tech industry?
4. Can corporate agency costs mediate the relationship between board gender diversity and corporate innovation?
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