IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v76y2025ics1544612325002569.html
   My bibliography  Save this article

Female executives’ influence on competitive strategies in tourism enterprises: A study on the moderating role of managerial shortsightedness

Author

Listed:
  • Hu, Zuwu
  • Liu, Ling

Abstract

Competitive strategy is at the core of tourism enterprises’ success, as it guides their development through market positioning. This paper uses panel data from 34 Chinese tourism enterprises from 2011 to 2021, along with instrumental variable methods, to assess the influence of female executives on competitive strategies in tourism enterprises. The results indicate that female executives have a positive influence in enhancing the competitive strategies of tourism enterprises. However, as a moderating variable, managerial shortsightedness weakens the positive role of female executives in promoting competitive strategies within these enterprises.

Suggested Citation

  • Hu, Zuwu & Liu, Ling, 2025. "Female executives’ influence on competitive strategies in tourism enterprises: A study on the moderating role of managerial shortsightedness," Finance Research Letters, Elsevier, vol. 76(C).
  • Handle: RePEc:eee:finlet:v:76:y:2025:i:c:s1544612325002569
    DOI: 10.1016/j.frl.2025.106992
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612325002569
    Download Restriction: Full text for ScienceDirect subscribers only

    File URL: https://libkey.io/10.1016/j.frl.2025.106992?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Pan, Zhifang & Qian, Zhenqiu & Cheng, Shihui, 2024. "Impact of trade frictions on economic costs and financial risks," Finance Research Letters, Elsevier, vol. 69(PA).
    2. Yu, Mingzhe & Deng, Xin, 2021. "The Inheritance of Marketization Level and Regional Human Capital Accumulation: Evidence from China," Finance Research Letters, Elsevier, vol. 43(C).
    3. Xu, Liangguo & Shu, Haicheng & Lu, Xianglin & Li, Tianci, 2024. "Regional technological innovation and industrial upgrading in China: An analysis using interprovincial panel data from 2008 to 2020," Finance Research Letters, Elsevier, vol. 66(C).
    4. Mao, Jinzhou & Xu, Donghai & Yang, Shaoze, 2023. "Female executives and corporate R&D manipulation behavior: Evidence from China," Finance Research Letters, Elsevier, vol. 57(C).
    5. Datta, Sudip & Doan, Trang & Iskandar-Datta, Mai, 2022. "Top executives’ gender and analysts' earnings forecasts," Finance Research Letters, Elsevier, vol. 47(PA).
    6. Hu, Jiamin & Li, Kailun & Xia, Yifei & Zhang, Jianing, 2023. "Gender diversity and financial flexibility: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 90(C).
    7. Li, Jing & Li, Yize, 2024. "Digitalization, green transformation, and the high-quality development of Chinese tourism enterprises," Finance Research Letters, Elsevier, vol. 66(C).
    8. Wang, Yaozhong & He, Pinzhen, 2024. "Enterprise digital transformation, financial information disclosure and innovation efficiency," Finance Research Letters, Elsevier, vol. 59(C).
    9. Zhang, Zhiwei & Wu, Fei, 2020. "Moral hazard, external governance and risk-taking: Evidence from commercial banks in China," Finance Research Letters, Elsevier, vol. 37(C).
    10. Cheng, Weixuan & Li, Cheng & Zhao, Tianjiao, 2024. "The stages of enterprise digital transformation and its impact on internal control: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 92(C).
    11. Dowling, Michael & Aribi, Zakaria Ali, 2013. "Female directors and UK company acquisitiveness," International Review of Financial Analysis, Elsevier, vol. 29(C), pages 79-86.
    12. Jo, Eun Hye & Lee, Jung Wha, 2024. "Economic policy uncertainty and managerial short-termism," International Review of Financial Analysis, Elsevier, vol. 93(C).
    13. Deng, Li & Qian, Pengcheng, 2024. "Mitigating effect of digital payments on the micro-enterprises’ financing constraints," Finance Research Letters, Elsevier, vol. 62(PB).
    14. Liu, Dong & Zhao, Lina & Yi, Han, 2024. "Financial market participation, household asset choices, and resident well-being: An empirical analysis of China family panel studies data," Finance Research Letters, Elsevier, vol. 67(PB).
    15. Krystyniak, Karolina & Staneva, Viktoriya, 2024. "Executive gender and capital structure: New evidence from rebalancing events," Finance Research Letters, Elsevier, vol. 65(C).
    16. Arun, Thankom Gopinath & Almahrog, Yousf Ebrahem & Ali Aribi, Zakaria, 2015. "Female directors and earnings management: Evidence from UK companies," International Review of Financial Analysis, Elsevier, vol. 39(C), pages 137-146.
    17. Trinh, Vu Quang & Trinh, Hai Hong & Nguyen, Thi Hong Hanh & Vo, Xuan Vinh, 2023. "Board gender diversity and firm-level climate change exposure: A global perspective," Finance Research Letters, Elsevier, vol. 55(PB).
    18. Zhao, Tianyu & Yan, Na & Ji, Liya, 2023. "Digital transformation, life cycle and internal control effectiveness: Evidence from China," Finance Research Letters, Elsevier, vol. 58(PA).
    19. Li, Yu & Zhu, Yi & Tan, Weijie & Qi, Tiange & Huang, Yongjian, 2024. "Female executive and energy consumption intensity: The role of green innovation," Finance Research Letters, Elsevier, vol. 64(C).
    20. Wang, Li-Hsun & Fung, Hung-Gay, 2022. "The effect of female CEO and CFO on tail risk and firm value," Finance Research Letters, Elsevier, vol. 47(PB).
    21. Li, Xiping & Goodell, John W. & Liao, Jing & Yao, Shouyu & Liu, Xutang, 2022. "Does executive gender diversity supply accounting conservatism in traditional societies? Evidence from CEO-CFO combinations in China," Finance Research Letters, Elsevier, vol. 48(C).
    22. Mingqiang, Xing & Lili, Qi & Dan, Hu & Mingwei, Gao, 2024. "Management short-sighted behavior and enterprise ESG performance — Evidence from listed companies in China," Finance Research Letters, Elsevier, vol. 68(C).
    23. Kong, Gaowen & Huang, Jiating & Kong, Dongmin & Zhu, Ling, 2023. "Female executives, industrial robots, and stock price crash risk," Finance Research Letters, Elsevier, vol. 57(C).
    24. Tiantian, Guo & Hailin, Chen & Zhou, Xiao & Ai, Shanru & Siyao, Wang, 2023. "Does corporate digital transformation affect the level of corporate tax avoidance? Empirical evidence from Chinese listed tourism companies," Finance Research Letters, Elsevier, vol. 57(C).
    25. Chen, Dan & Tang, Yufei & Zhang, Yuan & Sun, Jingyu, 2024. "COVID-19, financing constraints, and performance of listed tourism companies: Evidence from China," Finance Research Letters, Elsevier, vol. 65(C).
    26. Wang, Zhenjie & Yang, Yi & Zhang, Jiewei, 2024. "Are female directors more inclined to avoid risks?," International Review of Financial Analysis, Elsevier, vol. 92(C).
    27. Zhang, Zhen & Wu, Yifan & He, Dongwei, 2024. "More female, better corporate performance? Evidence from Chinese listed companies," Finance Research Letters, Elsevier, vol. 63(C).
    28. Shahab, Yasir & Ntim, Collins G. & Ullah, Farid & Yugang, Chen & Ye, Zhiwei, 2020. "CEO power and stock price crash risk in China: Do female directors' critical mass and ownership structure matter?," International Review of Financial Analysis, Elsevier, vol. 68(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jing, Shouwu & Hu, Chaohao & Zhou, Zejia & Guo, Haixia & Li, Li, 2025. "Have female executives made a difference?—The impact of female executives on cross-border mergers and acquisitions in listed companies," International Review of Economics & Finance, Elsevier, vol. 98(C).
    2. Nguyen, Thi Hong Hanh & Ntim, Collins G. & Malagila, John K., 2020. "Women on corporate boards and corporate financial and non-financial performance: A systematic literature review and future research agenda," International Review of Financial Analysis, Elsevier, vol. 71(C).
    3. Zhang, Yuan & Li, Ying, 2025. "Enhancing innovation capabilities, digital management, and corporate competitiveness," Finance Research Letters, Elsevier, vol. 73(C).
    4. Luo, Shanshan & Sun, Ze & Zhang, Xiangjian, 2025. "Does green marketing improve corporate performance?," International Review of Economics & Finance, Elsevier, vol. 97(C).
    5. Lu, Yun & Ntim, Collins G. & Zhang, Qingjing & Li, Pingli, 2022. "Board of directors’ attributes and corporate outcomes: A systematic literature review and future research agenda," International Review of Financial Analysis, Elsevier, vol. 84(C).
    6. Chen, Meian & Zhao, Ke & Jin, Wei, 2024. "Corporate digital transformation and tax avoidance: evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 85(C).
    7. Zhao, Xin & Guo, Yanhong & Liu, Chuanren, 2024. "Leveraging corporate governance characteristics for stock crash risk assessment," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    8. Liu, Yuying, 2024. "Climate risk perception, female directors and greenwashing," Finance Research Letters, Elsevier, vol. 70(C).
    9. Zhen, Xiaofei & Zhou, Yiyang, 2025. "Digital transformation and corporate creditworthiness," Finance Research Letters, Elsevier, vol. 74(C).
    10. Cui, Zhuqing & Diwu, Simin, 2024. "Human capital upgrading and enterprise innovation efficiency," Finance Research Letters, Elsevier, vol. 65(C).
    11. Peng, Congmin & She, Po-Wen, 2020. "Are women less likely to be managers in the UK labour market?," Economic Modelling, Elsevier, vol. 85(C), pages 317-324.
    12. Jiang, Li & Li, Bin & Zhang, Min, 2025. "The impact of digital transformation on the efficiency of corporate resource allocation: Internal mechanisms and external environment," Technological Forecasting and Social Change, Elsevier, vol. 215(C).
    13. Ni, Yanbin, 2025. "Female executives and corporate brand competitiveness: The mediating role of corporate social responsibility," International Review of Financial Analysis, Elsevier, vol. 97(C).
    14. Ahmed, Ammad & Ali, Searat, 2017. "Boardroom gender diversity and stock liquidity: Evidence from Australia," Journal of Contemporary Accounting and Economics, Elsevier, vol. 13(2), pages 148-165.
    15. Aljughaiman, Abdullah A. & Cao, Ngan Duong & Trinh, Vu Quang & Albarrak, Mohammed & Vo, Xuan Vinh, 2023. "Does gender diversity affect financial strength differently in conventional and Islamic banks? Evidence from MENA countries," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    16. Pei Chu & Mohamed Elsayed & Yousry Ahmed, 2025. "Do women in the boardroom influence foreign acquisitions' premium and outcomes? Evidence from China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(2), pages 1163-1189, April.
    17. Yousef Hassan, 2025. "Board gender diversity and ownership structure: Are they substitutes or complementary? Evidence from Palestine," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 22(1), pages 109-124, March.
    18. Li, Bin & Yao, Yao & Shahab, Yasir & Li, Hai-Xia & Ntim, Collins G., 2020. "Parent-subsidiary dispersion and executive excess perks consumption," International Review of Financial Analysis, Elsevier, vol. 70(C).
    19. Zhu, Bo & Wang, Yiwei, 2024. "Green governance and stock price crash risk: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    20. Pu, Guifang & Xie, Yanxiang & Wu, Lidong & Wang, Kai, 2024. "Industrial robots and corporate risk-taking value," Finance Research Letters, Elsevier, vol. 70(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:76:y:2025:i:c:s1544612325002569. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.