摘要
CEO作为最高决策者掌握着公司的资源配置权,性别作为重要的个人特征之一,会对公司的现金股利分配行为产生重要影响。本文主要研究了CEO性别对公司现金股利支付水平的影响,以及公司产权性质对该影响的作用。研究发现,与男性CEO公司相比,女性CEO公司的现金股利支付水平显著更低,这一效应在国有控股公司中更强。进一步研究发现,CEO性别对现金股利支付水平的影响在支付水平高和支付水平低的公司中方向相反,女性CEO会显著增加现金股利支付水平较低公司的现金股利;特别地,在国有控股公司中,女性CEO既会显著降低现金股利支付水平较高公司的现金股利,又会显著提高现金股利支付水平较低公司的现金股利。此外,未有证据表明CEO性别会对公司是否发放现金股利的决策行为产生显著影响。本文的研究丰富了公司股利分配影响因素、高管个人特征与公司财务决策行为、股利政策与公司治理等方面的文献,对于促进女性高管(CEO)在国有控股公司中的任命具有重要的启示,对于完善公司现金股利政策、保护中小投资者利益具有重要的现实意义。
As the top decision-maker of companies,the CEO controls the resource allocation right,as one of its important personal characteristics,gender will have an important impact on corporate cash dividend distribution behavior.This paper mainly studies the influence of CEO gender on the level of cash dividend payment,and the effect of corporate property rights nature on the influence.We find that compared with male CEO companies,female CEO companies have significantly lower level of cash dividend payment,and the negative effect is stronger in state-owned enterprises(SOEs).Further study finds that the impact of CEO gender on the level of cash dividend payment is opposite in higher and lower payment level subsamples,female CEOs will significantly increase the cash dividends of companies with lower cash dividend payment level.In particular,in SOEs,female CEO can not only significantly reduce the cash dividends of companies with higher cash dividend payment level,but also significantly increase the cash dividends of companies with lower cash dividend payment level.Additionally,there is no evidence that the CEO gender has a significant influence on the decision-making behavior whether the company pays cash dividends or not.This paper enriches the literature on influencing factors of dividend distribution,personal characteristics of senior executives and corporate financial decision-making behavior,dividend policy and corporate governance and so on,it has important enlightenment to promote the appointment of female executives especially the CEO in SOEs,important practical significance to improve corporate cash dividend policy and protect the small and medium investors’interests.
作者
许晓芳
孙甲奎
张瑾
XIAO FANG Xu;JIAKUI SUN;JIN ZHANG
出处
《中国会计评论》
2019年第4期533-558,共26页
China Accounting Review
基金
教育部人文社科项目(17YJC630190)
中国博士后科学基金面上资助项目(2018M641100)
中国博士后科学基金特别资助项目(2018M630003)
江西省自然科学基金项目(20181BAA208034)
江西省社会科学规划项目(16ZK02:GL19103)
江西省人文社科项目(GL18224:JJ19202)
江西省教育厅科技项目(GJJ170426)的资助
