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Does the gender composition of local governments matter for firms’ information environment? Evidence from China

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  • Wang, Zhao
  • He, Yali
  • Jiang, Tianqi

Abstract

This study examines whether and how the gender composition of local governments influences the information environment of local firms. The extant literature presents a debate on whether policy outcomes of female politicians differ from those of their male counterparts. Using data from prefectural cities in China from 2005 to 2019, we isolate the gender-related impact of female officials on local firms from electoral dynamics and focus on a crucial policy outcome – the information environment of firms. We find a positive relationship between the presence of female officials and the information transparency of local firms. Also, this gender effect intensifies during high corruption periods and in gender-diverse firms but diminishes when national uncertainty is high. Overall, our empirical results contribute to the ongoing debate on gender differences in policy outcomes by supporting the gender differences model that female politicians tend to adopt a gender-specific leadership style in competitive environments.

Suggested Citation

  • Wang, Zhao & He, Yali & Jiang, Tianqi, 2024. "Does the gender composition of local governments matter for firms’ information environment? Evidence from China," Economic Modelling, Elsevier, vol. 131(C).
    • Handle: RePEc:eee:ecmode:v:131:y:2024:i:c:s0264999323004261
    DOI: 10.1016/j.econmod.2023.106614
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    More about this item

    Keywords

    Female leadership; Information environment; Analyst forecast; Uncertainty; Chinese market;
    All these keywords.

    JEL classification:

    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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