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Does Board Gender Diversity Impact Firm Performance in China’s SOEs?

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Listed:
  • Xiaochuan Tong

    (Northeastern University, Boston, Massachusetts, USA)

  • Andrey Zagorchev

    (Rhodes College, Memphis, Tennessee, USA)

Abstract

Given gender equality importance, we find that more female directors are significantly associated with better Chinese state-owned enterprises (SOEs) performance. Instrumental variables analysis shows that board gender diversity (BGD) is positively and significantly related to SOEs’ performance through profitability and operational efficiency. Using instruments and splitting ownership, we find that jointly BGD and central (local) state ownership significantly and positively affect firm performance through profitability and operational efficiency (profitability and capital structure only marginally). Robustness tests with sample selection, additional control, and alternative instruments confirm our results. Female directors outperform their male counterparts, supporting agency, double standards, and upper echelons theories.

Suggested Citation

  • Xiaochuan Tong & Andrey Zagorchev, 2025. "Does Board Gender Diversity Impact Firm Performance in China’s SOEs?," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 28(03), pages 1-54, September.
    • Handle: RePEc:wsi:rpbfmp:v:28:y:2025:i:03:n:s0219091525500146
    DOI: 10.1142/S0219091525500146
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    Keywords

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    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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