董事会级别女性董事对公司绩效的影响:来自印度的证据

Rupjyoti Saha
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摘要

本研究通过考察女性董事被授权履行的不同角色,来探讨女性董事对公司财务绩效的影响。设计/方法/方法本研究使用印度前100家上市公司的面板数据集,在5年的时间里检验了女性董事所扮演的角色对公司财务绩效的影响。本研究采用合适的面板数据模型进行实证分析。对于稳健性评估,使用两阶段最小二乘法(2SLS)和工具变量模型。研究结果显示,女性董事的总比例对公司的财务业绩有显著的积极影响。此外,通过分离女性董事总比例对独立董事和执行董事的影响,研究表明,独立女性董事对其公司的财务绩效做出了显著的积极贡献。相比之下,女性执行董事的绩效影响不显著。此外,研究结果显示,独立女性董事比例较高的公司表现优于女性执行董事比例较高的公司。原创性/价值本研究首次揭示了女性董事对业绩的影响,并在印度新兴市场背景下区分独立董事和执行董事的角色,在公司董事会实行性别配额之后。
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The impact of board-level female directors on firm performance: evidence from India
PurposeThis study investigates the impact of female directors on firms' financial performance by scrutinizing the different roles they are empowered to fulfill.Design/methodology/approachThis study examines the impact of the roles performed by female directors on firms' financial performance using a panel dataset of the top 100 listed Indian firms over a period of 5 years. The study uses an appropriate panel data model for empirical analysis. For the robustness evaluation, a two-stage least square (2SLS) with the instrumental variable model were used.FindingsThe findings reveal a significantly positive impact of the total percentage of female directors on firms' financial performance. Further, by disentangling the impact of the total percentage of female directors between independent directors and executive directors, the study shows that independent female directors make a significant positive contribution to their firms' financial performance. By contrast, the performance impact of female executive directors was insignificant. In addition, the findings reveal that firms with a higher proportion of independent female directors outperform firms with a higher percentage of female executive directors.Originality/valueThis study is the first of its kind to unravel the performance impact of female directors and distinguish between the roles of independent directors and executive directors in the context of the emerging market of India, after the imposition of a gender quota for corporate boards.
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