| 摘要: |
| 基于2013—2017年中国上市对外投资企业的面板数据，探究女性高管参与对企业对外投资速度、对外投资质量影响的内在机制与效应差异，同时检验了制度距离、高管综合资本等内外情景因素对上述关系的调节作用。结果表明：女性高管参与会抑制企业对外投资速度的提升,但对企业对外投资质量的改善有着显著的促进作用。进一步分析发现,女性高管参与对企业对外投资的影响效应存在层级差异，制度距离因素的引入会削弱女性高管参与对企业对外投资质量的积极作用，企业高管综合资本对女性高管参与效应的调整作用不显著。该结论为企业在转型时期的人力资源配置优化与战略衔接提供了实证依据。 |
| 关键词: 异质性 女性高管参与 企业对外投资 制度距离 高管综合资本 |
| DOI： |
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| A Study on the Impact of Female Executive Participation on Corporate Outward Investment under the Heterogeneity Perspective |
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SHEN Li, WEN Fei, ZHU Xiao-dong
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Business School, University of Shanghai for Science and Technology, Shanghai 200093, China
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| Abstract: |
| Based on the panel data of Chinese listed outward investment enterprises from 2013 to 2017, the internal mechanism and effect differences of female executives’ participation on enterprises’ outward investment speed and outward investment quality are investigated, and the moderating effects of internal and external factors such as institutional distance and comprehensive capital of executives on the above relationships are also examined. The results show that the participation of female executives inhibits the increase of outward foreign direct investment (OFDI) speed, but significantly contributes to the improvement of OFDI quality. Further analysis reveals that there are hierarchical differences in the effects of female executive participation on the outward investment of enterprises, the introduction of the institutional distance factor weakens the positive effect of female executive participation on the quality of the outward investment of enterprises, and the adjustment of enterprise executives’ comprehensive capital to the effect of female executives’ participation is not significant. The conclusion provides empirical evidence for the optimization of human resource allocation and strategic convergence of enterprises in the transition period. |
| Key words: heterogeneity female executive participation enterprise outward investment institutional distance comprehensive capital of executives |
