C-suite 中的女性：高层管理团队的性别多样性重要吗？来自公司投资效率的证据

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE International Review of Financial Analysis Pub Date : 2024-09-19 DOI:10.1016/j.irfa.2024.103571

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引用次数: 0

摘要

高层管理团队中女性高管相对较多的公司表现出更高的投资效率。从经济学角度看，女性非首席执行官的投资效率提高了近 11%。进一步的分析表明，投资效率的提高是由于过度投资和投资不足的减少。此外，在竞争较弱的市场、行业震荡期以及首席执行官能力较弱或由外部人士担任的企业中，投资效率的提高更为明显。我们的研究结果突出表明，C-suite 中的女性在有效的投资决策中发挥着重要的积极作用。

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Women in C-suite: Does Top Management Team gender diversity matter? Evidence from firm investment efficiency

Firms with relatively more female executives in their top management team exhibit superior investment efficiency. Economically, female non-CEO executives increase investment efficiency by almost 11 % of the cross-sectional mean of our investment efficiency measure. Further analysis shows that this increase in efficiency is driven by the reduction in both overinvestment and underinvestment. In addition, efficiency is more pronounced in less competitive markets, during industry shock periods, and in firms with less competent or outsider CEOs. Our findings highlight that women in C-suite play a significant positive role in effective investment decision-making.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.