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Board Gender Diversity and Investment Efficiency - Evidence from Chinese Listed Companies

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DOI: 10.23977/SMEHR2023.052


Sirui Yang, Yifan Wang, Qihang He

Corresponding Author

Sirui Yang


This paper examines and analyzes the specific efficiency and moderating effects of board gender diversity on investment efficiency in a systematic manner, using Shanghai and Shenzhen A-share listed companies from 2011-2019 as a research sample. It is found that gender diversity in the board of directors can significantly reduce the inefficient investment of firms and ultimately enhance investment efficiency. Further analysis found that the impact of female directors on firms' investment behaviour was mainly reflected in the suppression of firms' over-investment behaviour, with no significant impact on under-investment behaviour. The heterogeneity test concludes that the contribution of board diversity to corporate investment efficiency is more significant in highly productive state-owned enterprises in the East. The paper also analyses that female executives play a positive moderating role to a certain extent.


Board gender diversity, Investment efficiency, Overinvestment, Underinvestment, Female executives

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