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The role of female directors in corporate investment in China

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  • Zhi Jin
  • Shunlin Song
  • Xue Yang

Abstract

This paper investigates the effects of regional market environment and organisational-power environment on the relationship between female directors and corporate-investment efficiency in the Chinese institutional context. Our results show that although a higher proportion of female directors is, in general, associated with a lower level of investment efficiency, both a stronger market environment and a lower power concentration may attenuate the negative effect of female directors on investment efficiency. The association between female directors and investment efficiency is negative and significant in regions with a weaker market environment and in firms with a higher power concentration, but insignificant in regions with a stronger market environment and in firms with a lower power concentration. These findings indicate the importance of considering a regional environment and organisational environment when examining the role of female directors in board governance.

Suggested Citation

  • Zhi Jin & Shunlin Song & Xue Yang, 2014. "The role of female directors in corporate investment in China," China Journal of Accounting Studies, Taylor & Francis Journals, vol. 2(4), pages 323-344, October.
  • Handle: RePEc:taf:rcjaxx:v:2:y:2014:i:4:p:323-344
    DOI: 10.1080/21697213.2014.984265
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