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Female directors, R&D activities and firms’ investment efficiency: evidence from China

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  • Shaner Chu
  • Erin Oldford

Abstract

In this study, we investigate if board composition, namely board gender diversity, constitutes a pathway to more efficient allocation of capital through greater restraint in R&D activities of Chinese-listed companies. Assessing a large panel of Chinese listed firms over the period of 2009–2017, we find a negative relation between board gender diversity and firms’ innovation inputs and outputs. Boards with more female directors exhibit lower investment inefficiency, resulting in better allocating firms’ resources and higher firm performance. This effect is accentuated in state-owned firms, illustrating that female directors help reduce firms’ investment inefficiency especially those controlled by state.

Suggested Citation

  • Shaner Chu & Erin Oldford, 2023. "Female directors, R&D activities and firms’ investment efficiency: evidence from China," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 30(4), pages 890-911, July.
    • Handle: RePEc:taf:raaexx:v:30:y:2023:i:4:p:890-911
    DOI: 10.1080/16081625.2021.2023025
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