女性董事的风险规避与董事会保证行为研究——来自沪市的经验证据

发布时间：2019-01-04 12:22

【摘要】：文章以我国2009-2013年度沪市发布社会责任报告的上市公司为样本,实证检验了女性董事对董事会是否对企业社会责任报告内容进行保证的影响(董事会保证)。研究结果表明,女性董事的确使得董事会的决策趋于保守,即当公司中有女性董事、女性董事的比例越高,董事会保证的可能性越低。文章进一步发现,当上市公司处于敏感性行业、非国有企业及环境不确定性程度高的公司时,女性董事对董事会保证的抑制作用显著增加,表明女性董事的风险规避特征是其影响董事会保证的主要原因。文章的研究结论不仅丰富了女性董事在公司决策中的作用研究,还有助于加深对我国企业社会责任信息披露行为的理解。
[Abstract]:Based on the sample of listed companies published in Shanghai Stock Exchange in 2009-2013, this paper empirically examines the influence of female directors on whether the board of directors can guarantee the content of CSR report (board guarantee). The results show that women directors do make board decisions more conservative, that is, when there are women directors, the higher the proportion of female directors, the less likely the board guarantees. It is further found that when listed companies are in sensitive industries, non-state-owned enterprises and companies with high degree of environmental uncertainty, the inhibition of female directors on board assurance is significantly increased. It shows that the risk aversion of female directors is the main reason of affecting board guarantee. The conclusion of this paper not only enriches the research on the role of female directors in corporate decision-making, but also helps to deepen the understanding of corporate social responsibility disclosure behavior in China.
【作者单位】：厦门大学财务管理与会计研究院;上海证券交易所资本市场研究所;厦门大学管理学院;
【基金】：国家自然科学基金重点项目(71532012);国家自然科学基金项目(71102058;71102059)
【分类号】：F271;F275

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