Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)

Board Gender Diversity and Corporate Cash Holdings: Evidence from China

Authors
Gehui Cheng1, a, , Lingyu Wang2, b, , Bingyuan Xiang3, c,
1Division of Business and Management, Beijing Normal University Hong Kong Baptist University United International College, China
2Accounting and Finance, King’s College of London, the UK
3School of Information Engineering, Hangzhou Dianzi University of China, China
Corresponding Author
Gehui Cheng
Available Online 15 December 2021.
DOI
10.2991/assehr.k.211209.401How to use a DOI?
Keywords
gender diversity; corporate cash holdings; corporate governance
Abstract

As gender diversity is increasingly valued in corporate governance, we investigate the impact of board gender diversity on corporate cash holdings. We infer a positive correlation between board gender diversity and corporate cash holdings. Combining single factor analysis and baseline regression analysis, we find that for companies with a smaller cap, lower Tobin’s Q, lower leverage, and higher book-to-market ratio, higher asset returns are related to higher cash holdings. We further analyze the heterogeneity, adding the factors of whether the company is a state-owned enterprise and whether the company is audited by the Big 4 and find that female directors in non-state-owned enterprises are more significant because the financial status of state-owned enterprises is more stable. At the same time, the impact of female directors in companies that are not audited by the Big 4 is more significant. Our study contributes to the literature in the field of board gender diversity and reinforces the evidence that female directors have an indisputable impact on company financial performance.

Copyright
© 2021 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

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Volume Title
Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
Series
Advances in Economics, Business and Management Research
Publication Date
15 December 2021
ISBN
978-94-6239-483-4
ISSN
2352-5428
DOI
10.2991/assehr.k.211209.401How to use a DOI?
Copyright
© 2021 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Gehui Cheng
AU  - Lingyu Wang
AU  - Bingyuan Xiang
PY  - 2021
DA  - 2021/12/15
TI  - Board Gender Diversity and Corporate Cash Holdings: Evidence from China
BT  - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
PB  - Atlantis Press
SP  - 2461
EP  - 2469
SN  - 2352-5428
UR  - https://doi.org/10.2991/assehr.k.211209.401
DO  - 10.2991/assehr.k.211209.401
ID  - Cheng2021
ER  -