Liu Yao, Tang Yingkai, Yang Yunfan
Business School, Sichuan University, Chengdu, China.
Sichuan Tianfu Bank, Chengdu, China.
Front Psychol. 2024 Jul 31;15:1285056. doi: 10.3389/fpsyg.2024.1285056. eCollection 2024.
The imperative of gender diversity in corporate governance and the adoption of a human-centric governance paradigm are intensifying globally. The structure of board directors, key influencers to corporate decisions, notably shape policies, crucially in emerging markets like China where gender issues are still evolving. Therefore, employing a penal dataset comprising 8,973 firm-year observations from publicly A-share-listed Chinese firms spanning 2006 to 2021, this study empirically examines the impact of board gender diversity on the responsiveness to both employee monetary incentives and non-monetary rewards. The findings unveil a positive correlation, indicating an augmentation in per-employee compensation and an increased likelihood of implementing non-monetary programs, including stock-ownership plans, retirement benefits, and occupational safety certification, in the presence of higher board gender diversity. Notably, these positive associations are more accentuated in state-owned firms, as well as those with lower executive compensation and diminished institutional ownership. Our results remain consistent after considering robustness as well as endogeneity. This empirical evidence not only contributes robust statistical support to the ongoing global initiatives advocating for gender diversity in corporate governance but also underscores the efficacy of boards of directors in effectively managing stakeholder interests, particularly in fostering employee-friendly practices within emerging markets like China.
企业治理中性别多元化的必要性以及采用以人为本的治理范式在全球范围内日益增强。董事会成员作为公司决策的关键影响者，其结构显著地塑造着政策，在中国这样性别问题仍在不断演变的新兴市场尤其如此。因此，本研究使用了一个包含2006年至2021年期间中国A股上市公司8973个公司年度观察值的面板数据集，实证检验了董事会性别多元化对员工货币激励和非货币奖励响应的影响。研究结果揭示了一种正相关关系，表明在董事会性别多元化程度较高的情况下，人均薪酬会增加，实施包括股权激励计划、退休福利和职业安全认证在内的非货币项目的可能性也会增加。值得注意的是，这些正相关关系在国有企业以及高管薪酬较低和机构持股减少的企业中更为明显。在考虑了稳健性和内生性之后，我们的结果仍然一致。这一实证证据不仅为全球正在进行的倡导企业治理中性别多元化的倡议提供了有力的统计支持，也强调了董事会在有效管理利益相关者利益方面的有效性，特别是在促进中国等新兴市场的员工友好型做法方面。
