Women in the Boardroom,Legal environment,and Corporate Social Responsibility:Evidence from China
- 2014年第7卷 
【中文摘要】基于中国资本市场上市公司1999〜2009年的经验证据，本文实证研究了董事会的女性董事比例及董事性别均衡对企业社会责任的影响。研究结果表明，女性董事比例及Blau指数均与（基于现金流量表计算的）企业社会责任指数显著正相关，说明在董事会中女性董事的比例越高、男女董事比例越均衡，企业承担社会责任越多。该结果支持了以下观点：相比于男性而言，女性更仁慈宽容、更富有同情心、更讲究互惠互利，因此在董事会中，女性董事对企业的社会责任决策具有重要影响。此外，本文进一步发现，法律环境强化了女性董事比例（Blau指数）与企业社会责任指数之间的正相关关系，即在法律环境较好地区的上市公司，女性董事对企业社会责任的正面影响更显著。 【Abstract】Using a sample of 13540 firm-year observations from the Chinese stock market for the period of 1999 〜2009，this study examines the influence of the fraction of women directors and the balance between female directors and male directors on corporate social responsibility. The findings show that the fraction of women directors and the Blau's index of women directors (the proxy for the balance between female directors and male directors) are significantly positively associated with corporate social responsibility index constructed from cash flow statements, suggesting that a higher fraction of women directors and more balanced male-to-female directors significantly increase corporate social responsibility, respectively. These results echo the following view： women are more merciful，more compassionate, and incline more toward reciprocity than men, and thereof women in the boardroom have significant impacts on corporate ethical decisions. Moreover， our findings also suggest that the positive association between the fraction (or the Blau’s index) of women directors and the index of corporate social responsibility is more pronounced for firms with strong law enforcement index than for firms with weak law enforcement index.