Board Gender Diversity and Corporate Cash Holdings: Evidence from China
These authors contributed equally.
- DOI
- 10.2991/assehr.k.211209.401How to use a DOI?
- Keywords
- gender diversity; corporate cash holdings; corporate governance
- Abstract
As gender diversity is increasingly valued in corporate governance, we investigate the impact of board gender diversity on corporate cash holdings. We infer a positive correlation between board gender diversity and corporate cash holdings. Combining single factor analysis and baseline regression analysis, we find that for companies with a smaller cap, lower Tobin’s Q, lower leverage, and higher book-to-market ratio, higher asset returns are related to higher cash holdings. We further analyze the heterogeneity, adding the factors of whether the company is a state-owned enterprise and whether the company is audited by the Big 4 and find that female directors in non-state-owned enterprises are more significant because the financial status of state-owned enterprises is more stable. At the same time, the impact of female directors in companies that are not audited by the Big 4 is more significant. Our study contributes to the literature in the field of board gender diversity and reinforces the evidence that female directors have an indisputable impact on company financial performance.
- Copyright
- © 2021 The Authors. Published by Atlantis Press International B.V.
- Open Access
- This is an open access article under the CC BY-NC license.
Cite this article
TY - CONF AU - Gehui Cheng AU - Lingyu Wang AU - Bingyuan Xiang PY - 2021 DA - 2021/12/15 TI - Board Gender Diversity and Corporate Cash Holdings: Evidence from China BT - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021) PB - Atlantis Press SP - 2461 EP - 2469 SN - 2352-5428 UR - https://doi.org/10.2991/assehr.k.211209.401 DO - 10.2991/assehr.k.211209.401 ID - Cheng2021 ER -