Correlation Between Female Executives, Debt Financing and Corporate Value:An Empirical Study Based on the Upper Echelons Theory

doi:10.13438/j.cnki.jdzk.2020.02.019

Abstract

Abstract:

Using the data of China's A-share manufacturing listed companies from 2009 to 2017, based on the upper echelons theory, the paper empirically tests the role of female executives in regulating the relationship between debt financing and corporate value. The research shows that there is an inverted U-shaped relationship between debt financing and corporate value; the proportion of female executives has a positive impact on corporate value and weakens the relationship between debt financing and corporate value. In the sample enterprises, the negative effect of debt financing is reduced. When the proportion reaches about 30%, female executives will play a substantial role in promoting corporate value.

Key words: debt financing, corporate value, female executives, upper echelons theory

ZHANG Haiyan, LIU Zhidi. Correlation Between Female Executives, Debt Financing and Corporate Value:An Empirical Study Based on the Upper Echelons Theory[J]. Journal of Jishou University（Natural Sciences Edition), DOI: 10.13438/j.cnki.jdzk.2020.02.019.

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