女性董事权威、董事会气氛与环境绩效

摘要/Abstract

摘要： 整合权威特征理论和女性亲环境特质理论,以沪深A股上市公司为研究样本,本文系统分析了女性董事权威对环境绩效的影响效应及其内在机理。研究结果表明,女性董事权威会对企业环境绩效产生显著正向促进作用;董事会公平性气氛与董事会开放性气氛会进一步强化女性董事权威与企业环境绩效间的正相关关系;进一步研究发现,女性董事主要通过影响企业环保实践等来改善环境绩效。研究结果为提升女性董事治理效应提供借鉴,董事会治理的优化不仅应引入必要数量的女性董事,而且要注重女性董事的影响力并营造有利于其发挥作用的公平开放型董事会治理文化。

关键词: 女性董事, 权威, 公平性气氛, 开放性气氛, 环境绩效

Abstract: Integrating the authoritative characteristics theory and the female pro-environmental behavior characteristics theory and taking A-share listed companies in Shanghai and Shenzhen stock markets as research samples, the study systematically analyzes the influence of female directors' power on the corporate environmental performance and its mechanism. The findings of the study are as follows: there is a significant positive correlation between female directors' power and the corporate environmental performance; board fairness climate and open climate significantly and positively moderate the relationship between female directors' power and the corporate environmental performance; further research indicates that female directors improve the corporate environmental performance mainly by influencing corporate environmental practices. The research shows that the gender balance of the board of directors is not only about the balance of quantity but also about the balance of power. The research provides provide new inspiration for fully releasing female directors' talents and promoting their participation in corporate governance.

Key words: Female Directors, Power, Fairness Climate, Open Climate, Environmental Performance

中图分类号:

F270.7

曹甜甜, 张耀伟. 女性董事权威、董事会气氛与环境绩效[J]. 财经论丛, 2023, 39(1): 93-102.

CAO Tiantian, ZHANG Yaowei. Female Directors' Power, Board Climate and Corporate Environmental Performance[J]. Collected Essays on Finance and Economics, 2023, 39(1): 93-102.

参考文献

[1]李维安, 张耀伟, 郑敏娜, 等. 中国上市公司绿色治理及其评价研究[J]. 管理世界, 2019, 35(5): 126-133,160.
[2]Jain T., Jamali D. Looking inside the Black Box: The Effect of Corporate Governance on Corporate Social Responsibility[J]. Corporate Governance: An International Review, 2016, 24(3): 253-273.
[3]吕英, 王正斌, 姚海博. 女性董事、团体动力与企业社会责任——性别协同还是团体协同?[J]. 财经论丛, 2021, 271(4): 94-105.
[4]Rao K., Tilt C. Board Composition and Corporate Social Responsibility: The Role of Diversity, Gender, Strategy and Decision Making[J]. Journal of Business Ethics, 2016, 138(2): 327-347.
[5]Gull A. A., Nekhili M., Nagati H., et al. Beyond Gender Diversity: How Specific Attributes of Female Directors Affect Earnings Management[J]. The British Accounting Review, 2018, 50(3): 255-274.
[6]刘绪光, 李维安. 基于董事会多元化视角的女性董事与公司治理研究综述[J]. 外国经济与管理, 2010, 32(4): 47-53.
[7]Provasi R., Harasheh M. Gender Diversity and Corporate Performance: Emphasis on Sustainability Performance[J]. Corporate Social Responsibility and Environmental Management, 2021, 28(1): 127-137.
[8]Deschênes S., Rojas M., Boubacar H., et al. The Impact of Board Traits on the Social Performance of Canadian Firms[J]. Corporate Governance, 2015, 15(3): 293-305.
[9]Terjesen S., Sealy R. Board Gender Quotas: Exploring Ethical Tensions from a Multi-Theoretical Perspective[J]. Business Ethics Quarterly, 2016, 26(1): 23-65.
[10]Knippen J. M., Shen W., Zhu Q. Limited Progress? The Effect of External Pressure for Board Gender Diversity on the Increase of Female Directors[J]. Strategic Management Journal, 2019, 40(7): 1123-1150.
[11]Stern P. C., Dietz T., Kalof L. Value Orientations, Gender, and Environmental Concern[J]. Environment and Behavior, 1993, 25(5): 322-348.
[12]Bord R. J., O'Connor R. E. The Gender Gap in Environmental Attitudes: The Case of Perceived Vulnerability to Risk[J]. Social Science Quarterly, 1997, 78(4): 830-840.
[13]Ciocirlan C., Pettersson C. Does Workforce Diversity Matter in the Fight against Climate Change? An Analysis of Fortune 500 Companies[J]. Corporate Social Responsibility and Environmental Management, 2012, 19(1): 47–62.
[14]Li J., Zhao F., Chen S., et al. Gender Diversity on Boards and Firms' Environmental Policy[J]. Business Strategy and the Environment, 2017, 26(3): 306-315.
[15]Atif M., Alam M. S., Hossain M. Firm Sustainable Investment: Are Female Directors Greener?[J]. Business Strategy and the Environment, 2020, 29(8): 3449-3469.
[16]张耀伟, 陈世山, 刘思琪. 董事会非正式层级与高管薪酬契约有效性[J]. 管理工程学报, 2020, 34(3): 83-96.
[17]Solberg A. G., Huse M. Gender-Related Boardroom Dynamics: How Scandinavian Women Make and Can Make Contributions on Corporate Boards[J]. Women in Management Review, 2006, 21(2): 113-130.
[18]Belliveau M. A., O'Reilly C. A., Wade J. B. Social Capital at the Top: Effects of Social Similarity and Status on CEO Compensation[J]. The Academy of Management Journal, 1996, 39(6): 1568-1593.
[19]Byron K., Post C. Women on Boards of Directors and Corporate Social Performance: A Meta-Analysis[J]. Corporate Governance: An International Review, 2016, 24(4): 428-442.
[20]Chen S., Lee-Chai A. Y., Bargh J. A. Relationship Orientation as a Moderator of the Effects of Social Power[J]. Journal of Personality and Social Psychology, 2001, 80(2): 173-187.
[21]Daily C. M., Dan R. D. Women in the Boardroom: A Business Imperative[J]. Journal of Business Strategy, 2003, 24(5): 8-9.
[22]Byrne D., Clore Jr G. L., Worchel P. Effect of Economic Similarity-Dissimilarity on Interpersonal Attraction[J]. Journal of Personality and Social Psychology, 1966, 4(2): 220-224.
[23]Zhu D. H., Wei S., Hillman A. J. Recategorization into the in-Group: The Appointment of Demographically Different New Directors and Their Subsequent Positions on Corporate Boards[J]. Administrative Science Quarterly, 2014, 59(2): 240-270.
[24]Schneider B. Organizational Climates: An Essay¹[J]. Personnel Psychology, 1975, 28(4): 447-479.
[25]Herr R. M., Bosch J. A., Loerbroks A., et al. Organizational Justice, Justice Climate, and Somatic Complaints: A Multilevel Investigation[J]. Journal of Psychosomatic Research, 2018, 111(8): 15-21.
[26]Li A., Cropanzano R. Fairness at the Group Level: Justice Climate and Intraunit Justice Climate[J]. Journal of Management, 2009, 35(3): 564-599.
[27]方志斌. 组织气氛会影响员工建言行为吗?[J]. 经济管理, 2015, 37(5): 160-170.
[28]Konrad A. M., Kramer V., Erkut S. Critical Mass: The Impact of Three or More Women on Corporate Boards[J]. Organizational Dynamics, 2008, 37(2): 145-164.
[29]Amason A. C., Sapienza H. J. The Effects of Top Management Team Size and Interaction Norms on Cognitive and Affective Conflict[J]. Journal of Management, 1997, 23(4): 495-516.
[30]Roberts J., McNulty T., Stiles P. Beyond Agency Conceptions of the Work of the Non-Executive Director: Creating Accountability in the Boardroom[J]. British Journal of Management, 2005, 16(3): S5-S26.
[31]Kanadl? S. B., Torchia M., Gabaldon P. Increasing Women's Contribution on Board Decision Making: The Importance of Chairperson Leadership Efficacy and Board Openness[J]. European Management Journal, 2018, 36(1): 91-104.
[32]LePine J. A. Team Adaptation and Postchange Performance: Effects of Team Composition in Terms of Members' Cognitive Ability and Personality[J]. Journal of Applied Psychology, 2003, 88(1): 27-39.
[33]Jiang W., Rosati F., Chai H., et al. Market Orientation Practices Enhancing Corporate Environmental Performance Via Knowledge Creation: Does Environmental Management System Implementation Matter?[J]. Business Strategy and the Environment, 2020, 29(5): 1899-1924.
[34]Zhu J., Ye K., Tucker J. W., et al. Board Hierarchy, Independent Directors, and Firm Value: Evidence from China[J]. Journal of Corporate Finance, 2016, 41(9): 262-279.
[35]张耀伟, 陈世山, 李维安. 董事会非正式层级的绩效效应及其影响机制研究[J]. 管理科学, 2015, 28(1): 1-17.
[36]Dai Y., Kong D., Xu J. Does Fairness Breed Efficiency? Pay Gap and Firm Productivity in China[J]. International Review of Economics & Finance, 2017, 48(3): 406-422.
[37]Brown A. B., Dai J., Zur E. Too Busy or Well-Connected? Evidence from a Shock to Multiple Directorships[J]. The Accounting Review, 2019, 94(2): 83-104.
[38]连燕玲, 贺小刚. CEO开放性特征、战略惯性和组织绩效——基于中国上市公司的实证分析[J]. 管理科学学报, 2015, 18(1): 1-19.
[39]Kirsch A. The Gender Composition of Corporate Boards: A Review and Research Agenda[J]. Leadership Quarterly, 2018, 29(2): 346-364.
[40]徐细雄, 李摇琴. 高管性别、制度环境与企业CSR决策[J]. 科研管理, 2018, 39(3): 80-89.
[41]Elmagrhi M. H., Ntim C. G., Elamer A. A., et al. A Study of Environmental Policies and Regulations, Governance Structures, and Environmental Performance: The Role of Female Directors[J]. Business Strategy and the Environment, 2018, 28(1): 206-220.
[42]Lu J., Herremans I. M. Board Gender Diversity and Environmental Performance: An Industries Perspective[J]. Business Strategy and the Environment, 2019, 28(7): 1449-1464.
[43]Li W., Zheng M., Zhang Y., et al. Green Governance Structure, Ownership Characteristics, and Corporate Financing Constraints[J]. Journal of Cleaner Production, 2020, 260: 121008.
[44]Torchia M., Calabrò A., Huse M. Women Directors on Corporate Boards: From Tokenism to Critical Mass[J]. Journal of Business Ethics, 2012, 102(2): 299-317.
[45]Liu C. Are Women Greener? Corporate Gender Diversity and Environmental Violations[J]. Journal of Corporate Finance, 2018, 52(8): 118-142.