TY - JOUR
T1 - Female venture capitalists on boards and firm innovation in China
AU - Fan, Jiani
AU - Hua, Xiuping
AU - Wang, Miao
AU - Wang, Yong
N1 - Publisher Copyright:
© 2023 Informa UK Limited, trading as Taylor & Francis Group.
PY - 2023
Y1 - 2023
N2 - This paper empirically examines the representation of female venture capitalists (VCs) on boards and how they exert substantial influence on firm innovation performance in China. We first identify a positive association between female VCs’ board participation and firm innovation, implying that Chinese female VCs contribute to growing resource commitments and greater success in innovation through quality board services in portfolio firms. We then show that firms with female VC board directors exhibit a lower adverse effect of managerial myopia, capital market pressure, and product market competition on innovation activities. These results are robust to the use of instrumental variable (IV) estimations, subsamples, and alternative variable definitions.
AB - This paper empirically examines the representation of female venture capitalists (VCs) on boards and how they exert substantial influence on firm innovation performance in China. We first identify a positive association between female VCs’ board participation and firm innovation, implying that Chinese female VCs contribute to growing resource commitments and greater success in innovation through quality board services in portfolio firms. We then show that firms with female VC board directors exhibit a lower adverse effect of managerial myopia, capital market pressure, and product market competition on innovation activities. These results are robust to the use of instrumental variable (IV) estimations, subsamples, and alternative variable definitions.
KW - capital market pressure
KW - Managerial short-termism
KW - product market competition
UR - http://www.scopus.com/inward/record.url?scp=85175534537&partnerID=8YFLogxK
U2 - 10.1080/1351847X.2023.2264930
DO - 10.1080/1351847X.2023.2264930
M3 - Article
AN - SCOPUS:85175534537
SN - 1351-847X
JO - European Journal of Finance
JF - European Journal of Finance
ER -