董事会性别多样性、公司绩效与企业财务困境风险:来自旅游业的国际证据

K. Lee, Tiong Yang Thong
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引用次数: 16

摘要

目的研究影响董事会性别多样性与公司绩效关系的背景因素。设计/方法/方法作者使用了2015年至2020年全球30个国家旅游行业上市公司的样本。研究发现:首先,公司业绩与董事会中女性董事的比例呈正相关。其次,在(1)股东权利更强的国家、(2)证券法对董事会多样性披露规定更强的国家、(3)女性经济赋权更强的国家和(4)新冠肺炎危机期间,公司绩效与女性董事比例之间的正相关关系更高。第三,女性董事比例较高的公司财务困境风险较低。第四,企业财务困境风险与董事会女性董事比例之间的负相关关系在以下情况下更为明显:(1)证券法法规对董事会性别多样性披露规定更为严格的国家,(2)女性经济赋权力度更强的国家,以及(3)新冠肺炎危机期间。研究结果表明,背景因素(包括国家层面的公司治理结构、女性经济赋权和经济危机)会影响董事会性别多样性与公司绩效之间的关系。
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Board gender diversity, firm performance and corporate financial distress risk: international evidence from tourism industry
PurposeThis paper examines contextual factors that affect the association between board gender diversity and firm performance.Design/methodology/approachThe authors use a global sample of listed firms in the tourism industry in 30 countries from 2015 to 2020.FindingsFirst, firm performance is positively associated with the proportion of female directors on a board. Second, the positive association between firm performance and the proportion of female directors on the board is higher in (1) countries with stronger shareholder rights, (2) countries with stronger securities law regulation stipulating disclosure of board diversity, (3) countries with stronger economic empowerment of women, and (4) during the COVID-19 crisis. Third, corporate financial distress risk is lower in firms with higher proportion of female directors on the board. Fourth, the negative association between corporate financial distress risk and the proportion of female directors on the board is more pronounced in (1) countries with stronger securities law regulations stipulating disclosure of board gender diversity, (2) countries with stronger economic empowerment of women, and (3) during the COVID-19 crisis.Originality/valueThe results indicate that contextual factors (comprising country-level corporate governance structures, economic empowerment of women and economic crisis) can affect the association between board gender diversity and firm performance.
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