دانلود رایگان مقاله انگلیسی نمایندگی هیئت مدیره زنان، نوآوری شرکت ها و عملکرد شرکت - الزویر 2018

ABSTRACT

We show evidence that female board representation is associated with greater innovative success, and thus enhances firm performance in innovation-intensive industries. Firms with female directors tend to invest more in innovation and obtain more patents and citations for given R&D expenditures. An increase of 10 percentage points in the tenure-weighted fraction of female directors is associated with approximately 6% more patents and 7% more citations. Investigating the underlying mechanisms, the positive association between female board representation and corporate innovation is stronger when product market competition is lower and when managers are more entrenched, consistent with increased monitoring by female 

 







 
board representation is positively associated with performance only for firms for which innovation and creativity play a particularly important role.

7. Conclusion

We find that firms with greater representation of female directors invest more in innovation and achieve greater innovative success, as measured by patent and citation counts, for given R&D expenditures. In other words, the R&D expenditures in firms with female directors are more productive in generating innovation. These findings are robust to the use of alternative measures of board gender composition, econometric specifications and subsamples.

To investigate the potential mechanisms through which female directors affect corporate innovation, we explore the heterogeneity in the innovation effect of female board representation. The positive relation between female board representation and innovation is stronger when product market competition is less intense and when managers are more entrenched, which are consistent with the hypothesis that female directors improve the incentives to innovate by increasing oversight over managers. Finally, we find that female representation on the board does not add value on average. However, female directors appear to be valuable for industries in which innovation and creativity are particularly relevant, reinforcing the importance of the role of women on boards for impacting corporate innovation.