国家文化与董事会性别多元化  

National Culture and the Board Gender Diversity

作　　者：陈霄[1] 叶德珠[1] 

机构地区：[1]暨南大学经济学院,广东广州510632

出　　处：《证券市场导报》2017年第11期16-27,共12页Securities Market Herald

基　　金：国家自然科学基金项目"儒家文化与过度储蓄:微观机理;实证检验与宏观政策研究"(项目编号:71473102)

摘　　要：近年来,金融领域的研究逐渐关注国家文化特征的影响,然而较少有研究关注国家文化对董事会性别多元化的影响。本文基于Hofstede提出的四个直接的国家文化维度:个体主义、阳刚气质、权力距离和不确定性规避,在世界范围内对这四种国家文化与公司董事会性别多元化的关系进行了探讨。本文基于全世界44个国家2000~2013年的11991家上市公司的84835个样本数据,通过实证分析,证实了国家文化能够显著影响公司董事会性别多元化水平。个体主义和阳刚气质能够直接影响公司董事会性别多元化水平,个体主义越强的国家中公司董事会性别多元化水平越高,而在阳刚气质更强的社会文化中公司董事会性别多元化水平越低。权力距离和不确定性间接影响了公司董事会性别多元化水平,权力距离和不确定性规避更强的社会文化中公司董事会性别多元化水平越低。并且,正式制度环境和金融发展会弱化国家文化对公司董事会性别多元化程度的影响。本研究可以深化理解国家文化对公司行为的作用,并且在全球范围内为政策制定者提供了依据。Women play an important role in the process of economic development. However, there are few studies on the influence of national culture on the gender diversity of the board of directors. Based on the four cultural dimensions proposed by Hofstede including individualism, masculinity, power distance and uncertainty avoidance, the paper discusses the relationship between the four national culture and gender diversity in the company. The paper collects 84835 samples from 11991 companies listed in 44 countries in 2000-2013. Our empirical results confirmed that the gender diversity of board members increases in countries with the national culture of individualism and masculinity. The gender diversity of board members decreases in countries with stronger power distance and uncertainty avoidance. The formal institutional environment and financial development will weaken the influence of national culture on the level of gender diversity of the board of directors. This study can deepen the understanding of the role of national culture on corporate behavior, and provide a basis for policy makers around the world.

关 键 词：国家文化 Hofstede文化维度 女性董事 董事会性别多元化 董事会 

分 类 号：F276.6[经济管理—企业管理]