论文部分内容阅读
董事会性别多元化是全球治理改革的中心话题,文章研究了董事会性别多元化对股价信息含量的治理效应。结果发现:(1)董事会性别多元化的公司股价反映了更多公司层面信息;(2)公司盈余质量较差的环境下,董事会性别多元化与股价信息含量之间正相关关系较强,表明在信息环境较差的情况下,任命更多的女性董事能够部分修正信息环境较差的后果。(3)机构投资者持股比例越高,董事会性别多元化对股价信息含量积极效果越显著。
Gender diversity of the board of directors is a central topic in the reform of global governance. The article studies the governance effect of gender diversity on the stock information content. The results show that: (1) the stock price of the company with diversified board of directors reflects more company-level information; (2) under the environment of poor corporate earnings quality, there is a strong positive correlation between board diversity and share price information, indicating In the case of poor information environment, the appointment of more female directors can partially correct the consequences of poor information environment. (3) The higher the percentage of institutional investors holding shares, the more significant the gender diversity of the board has positive effect on the stock information content.