Ali Shahid, Ali Shoukat, Jiang Junfeng, Hedvicakova Martina, Murtaza Ghulam
School of Management Science and Engineering, Nanjing University of Information Science and Technology, Nanjing, Jiangsu, China.
Department of Commerce, The Islamia University of Bahawalpur, Bahawalpur, Punjab, Pakistan.
Front Psychol. 2022 Sep 14;13:976345. doi: 10.3389/fpsyg.2022.976345. eCollection 2022.
This paper empirically investigates the impact of cognitive board diversity in education, expertise, and tenure facets on financial distress likelihood in the emerging economy of China. This study examines how this relationship varies across State-Owned Enterprises (SOEs) and Non-State-Owned Enterprises (NSOEs). Paper argues that the Chinese stock market, as a typical emerging market, is an excellent laboratory for studying the impact of board diversity on the probability of financial distress. Its underdeveloped financial system and inadequate investor protection leave firms unprotected from financial hardship. A sample of 12,366 observations from 1,374 firms from 2010 to 2018 shows that cognitive diversity qualities are positively linked with Z-score, implying that directors with different educational backgrounds, financial skills, and tenures can assist in reducing the probability of financial distress. Cognitive board diversity reduces the likelihood of financial distress in SOEs and NSOEs. However, tenure diversity is insignificant in all cases. Furthermore, the robustness model "two-step system Generalized Methods of Moments (GMM)" demonstrated a positive association between educational diversity, financial expertise, and financial distress scores. The results have significant implications for researchers, managers, investors, regulators, and policymakers.
本文实证研究了董事会在教育、专业知识和任期方面的认知多样性对中国新兴经济体中企业财务困境可能性的影响。本研究考察了这种关系在国有企业（SOE）和非国有企业（NSOE）之间是如何变化的。本文认为，中国股票市场作为一个典型的新兴市场，是研究董事会多样性对财务困境概率影响的绝佳实验室。其不发达的金融体系和投资者保护不足使企业无法免受财务困境的影响。2010年至2018年来自1374家公司的12366个观察样本表明，认知多样性特质与Z值呈正相关，这意味着具有不同教育背景、财务技能和任期的董事有助于降低财务困境的概率。董事会的认知多样性降低了国有企业和非国有企业出现财务困境的可能性。然而，任期多样性在所有情况下都不显著。此外，稳健性模型“两步系统广义矩估计法（GMM）”表明教育多样性、财务专业知识与财务困境得分之间存在正相关关系。研究结果对研究人员、管理人员、投资者、监管机构和政策制定者具有重要意义。
