Female CEOs and corporate agency costs——Microscopic evidence based on panel data of Chinese listed companies

Abstract

Improving the status of women in the workplace and encouraging outstanding women to enter the board of directors, board of supervisors and management of enterprises has become a hot topic of concern in the new era. Based on the panel data of A-share listed companies in Shanghai and Shenzhen stock markets, this paper explores the impact of female CEOs on corporate agency costs from the perspective of high-level corporate theory, and examines the effects of female CEOs, female directors, and female general managers on the first and second types of agency. cost impact mechanism. The research results show that female CEOs can significantly reduce corporate agency costs; and the internal control quality of companies that appoint female CEOs is higher, and female managers are more capable, which has a more significant effect on reducing corporate agency costs. The conclusion of the article expands the research on female CEOs and corporate agency costs, and provides policy implications for how companies and society can further promote gender equality and grasp the capabilities of female talents.