Female directors and real activities manipulation: Evidence from China
Female directors and real activities manipulation: Evidence from China
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女性导演与真实活动操纵：来自中国的证据
DOI：
10.1016/j.cjar.2016.12.004
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发表时间：
2017
影响因子：
3.6
通讯作者：
Zeyue Huang
中科院分区：
文献类型：
--
作者：
Jin hui Luo;Yuangao Xiang;Zeyue Huang
与以往的应计制盈余管理研究不同，本研究分析了真实的活动操纵，并考察了董事会中的女性董事是否影响经理人的真实的活动操纵。基于2000 - 2011年中国上市公司11,831个公司年度的大样本数据，我们发现，女性董事参与度越高，真实的活动操纵水平越低，且女性董事持股比例越高，这种负相关关系越强。这些结果适用于一系列稳健性检查。总体而言，我们的研究结果表明，董事会性别多样性可以作为公司治理的替代机制，以遏制真实的活动操纵，从而为利益相关者提供更高质量的盈余报告。
Unlike previous studies that focus on accrual-based earnings management, this study analyzes real activities manipulation and investigates whether female directors on boards of directors (BoDs) affect managers’ real activities manipulation. Using a large sample of 11,831 firm-year observations from Chinese listed companies from the 2000 to 2011 period, we find that higher female participation on BoDs is associated with lower levels of real activities manipulation, and that this negative relationship is stronger when female directors have higher ownership. These results hold for a battery of robustness checks. Overall, our findings indicate that board gender diversity may serve as a substitute mechanism for corporate governance to curb real activities manipulation and thus provide interested stakeholders with higher quality earnings reports.