Female directors and CEO power

descriptionPublicationkeyboard_double_arrow_right Article 01 Apr 2018 English Publisher:Elsevier BVJournal:Economics Letters, volume 165, pages 44-47 (issn: 0165-1765,

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Authors: Muhammad Usman; Junrui Zhang; Muhammad Umar Farooq; Muhammad Abdul Majid Makki; Nanyan Dong;

doi: 10.1016/j.econlet.2018.01.030

Female directors and CEO power

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Abstract

Abstract Beyond the recent studies on boardroom gender diversity, this letter investigates the effect of boardroom gender diversity on CEO power. Using the data of all A-share listed companies on the Shanghai and Shenzhen stock exchanges for 2005–2015 we find reliable evidence that gender diversity on the board is positively associated with CEO power. Our results remain consistent after controlling for the endogeneity problem. Our results support the inefficiency hypothesis that suggests that CEOs are more powerful when the board is gender-diverse because female directors face more pressure to go along with management and are weak monitors.

Related Organizations

Islamia University of Bahawalpur
Pakistan
Xi’an Jiaotong-Liverpool University
China (People's Republic of)

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