School of Management, Chongqing University of Technology

为探究高管性别多样性与企业价值的关系以及ESG表现在两者之间的中介效应,基于2015—2021年中国沪深两市A股上市公司数据,采用实证分析方法对固定效应模型进行检验。研究发现,高管性别多样性与企业价值存在正向相关关系,ESG表现在两者之间发挥了部分中介效应,即高管性别多样性—ESG表现—企业价值这一链条关系得以证明。通过异质性进一步分析发现,高管性别多样性—ESG表现—企业价值链条关系存在产权异质性和行业竞争强度异质性,即对比非国有企业,国有企业高管性别多样性与ESG表现关系的显著性较强,但高管性别多样性—ESG表现—企业价值这一链条关系在这一分组中并未得到证明;全样本的研究结论在处于高市场竞争状态下的企业样本中得以证明,在低市场竞争强度下的企业样本中,未能得到证实。在此基础上,进行了内生性检验与稳健性检验,上述结论依旧成立。

In order to explore the relationship between executive gender diversity and firm value, as well as the mediating effect of ESG performance between them, this paper uses empirical analysis method to test the fixed-effect model based on the data of A-share listed companies in Shanghai and Shenzhen from 2015 to 2021. The research results show that there is a positive correlation between executive gen- der diversity and firm value, and that ESG performance plays a part of the mediating effect between them, that is, the chain relationship between executive gender diversity-ESG performance-firm value has been proved. Further, through the heterogeneity analysis, it is found that the relationship between be- tween executive gender diversity-ESG performance-firm value chain has property rights heterogeneity and industry competition intensity heterogeneity, which are as follows: Compared with non-state-owned enterprises, the relationship between gender diversity of senior executives in state-owned enterprises and ESG performance is more significant, but the chain relationship between executive gender diversity- ESG performance-firm value was not proven in this subgroup. The research conclusion of the full sam- ple can be proved in the sample of enterprises in the state of high market competition, but not in the sample of enterprises in the state of low market competition. On this basis, the endogeneity test and ro- bustness test are carried out, and the above conclusions are still valid.

重庆市教委人文社会科学研究项目(24SKGH215)