The Impact of Female Executive Characteristics on Corporate Donation

Abstract

With the continuous progress and development of society and modern business environment, female have played a more and more important role in the corporate governance. As an important component of corporate social responsibility, corporate donation has attracted more and more academic attention. In this study, we shed light on the relationship between female executives' characteristics and corporate donation. With a sample of all A-share listed companies spanning from 2010 to 2016, we investigate the impact of three key characteristics of female executives on corporate donation: education, age and pay. The empirical results show that the education of female executives is significantly correlated with the corporate donation, but female executives' age and the executive pay for female contribute little to the donation. Specifically, highly educated female executives are significantly associated with relatively low corporate donation levels. This paper enriches the branch of research of gender effects on corporate social responsibility, and our results carry practical implications for corporate governance, behavioral corporate finance, and human resources.