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How does busy female directors affect firms? Evidence from linear and quantile regression / Hao Wu

Swansea University Author: Hao Wu

  • E-Thesis – open access under embargo until: 21st December 2027

DOI (Published version): 10.23889/SUthesis.62360

Abstract

This thesis consists of three empirical chapters that examine the impact of busy female on firm performance and cash holding in the United States. The first chapter examines the effect of busy female directors on firm performance in the United States during the period of 1999-2018. We find that boar...

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Published: Swansea 2022
Institution: Swansea University
Degree level: Doctoral
Degree name: Ph.D
Supervisor: Cai, Yuzhi ; Liu, Xicheng
URI: https://cronfa.swan.ac.uk/Record/cronfa62360
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first_indexed 2023-01-18T11:23:37Z
last_indexed 2023-01-19T04:16:25Z
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spelling 2023-01-18T11:55:25.8880769 v2 62360 2023-01-18 How does busy female directors affect firms? Evidence from linear and quantile regression ff66f3fad7c07fe2a378663bc1251769 Hao Wu Hao Wu true false 2023-01-18 SGMGT This thesis consists of three empirical chapters that examine the impact of busy female on firm performance and cash holding in the United States. The first chapter examines the effect of busy female directors on firm performance in the United States during the period of 1999-2018. We find that boards with busy female have a negative impact on firm performance, consistent with busyness hypothesis. Number of analysts following firms and institutional ownership mitigates the effect of busy female on firm performance. Comparing to busy female directors, the detrimental impact of busy male directors on business performance is stronger. Our results provide several implications for managers and regulators, suggesting that busy female can be considered as a constraint for firm performance and the effect is weaken in firms with more information transparency and better monitoring. The second chapter examines the effect of busy female on corporate cash holding in the United States during the period of 1999-2018. Consistent with reputation hypothesis, we find that companies with busy female directors maintain a higher level of cash, suggesting that busy female can utilize her skills and network to provide competitive advantage for firms to acquire cash. Firm size, number of analysts following firms and institutional ownership mitigate the impact of busy female on firm’s cash holding. We find no correlation between busy male directors and firm’s cash holdings. In the third chapter, we apply quantile regression to examine the impact of busy female on different levels of firm performance in the United States during the 1999-2018 period. We find that the effect of busy female on firm performance varies across different quantiles. Specifically, busy female has a negative impact on firm performance at a low level of firm performance, supporting a busyness hypothesis. In contrast, busy female has a positive impact on firm performance at firms with high performance, consistent with a reputation hypothesis. We address the issue relating to the theory conflict, suggesting that both reputation and busyness hypotheses could explain the impact of busy female on firm performance depending on certain level of firm performance. E-Thesis Swansea Business, Finance and Management 21 12 2022 2022-12-21 10.23889/SUthesis.62360 COLLEGE NANME School of Management - School COLLEGE CODE SGMGT Swansea University Cai, Yuzhi ; Liu, Xicheng Doctoral Ph.D 2023-01-18T11:55:25.8880769 2023-01-18T11:19:54.0313831 Faculty of Humanities and Social Sciences School of Management - Business Management Hao Wu 1 Under embargo Under embargo 2023-01-18T11:41:21.4658442 Output 1846847 application/pdf E-Thesis – open access true 2027-12-21T00:00:00.0000000 Copyright: The author, Hao Wu, 2022. Released under the terms of a Creative Commons Attribution-Non-Commercial No–Derivatives (CC-BY-NC-ND) License. Third party content is excluded for use under the license terms. true eng https://creativecommons.org/licenses/by-nc-nd/4.0/
title How does busy female directors affect firms? Evidence from linear and quantile regression
spellingShingle How does busy female directors affect firms? Evidence from linear and quantile regression
Hao Wu
title_short How does busy female directors affect firms? Evidence from linear and quantile regression
title_full How does busy female directors affect firms? Evidence from linear and quantile regression
title_fullStr How does busy female directors affect firms? Evidence from linear and quantile regression
title_full_unstemmed How does busy female directors affect firms? Evidence from linear and quantile regression
title_sort How does busy female directors affect firms? Evidence from linear and quantile regression
author_id_str_mv ff66f3fad7c07fe2a378663bc1251769
author_id_fullname_str_mv ff66f3fad7c07fe2a378663bc1251769_***_Hao Wu
author Hao Wu
author2 Hao Wu
format E-Thesis
publishDate 2022
institution Swansea University
doi_str_mv 10.23889/SUthesis.62360
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Business Management{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Business Management
document_store_str 0
active_str 0
description This thesis consists of three empirical chapters that examine the impact of busy female on firm performance and cash holding in the United States. The first chapter examines the effect of busy female directors on firm performance in the United States during the period of 1999-2018. We find that boards with busy female have a negative impact on firm performance, consistent with busyness hypothesis. Number of analysts following firms and institutional ownership mitigates the effect of busy female on firm performance. Comparing to busy female directors, the detrimental impact of busy male directors on business performance is stronger. Our results provide several implications for managers and regulators, suggesting that busy female can be considered as a constraint for firm performance and the effect is weaken in firms with more information transparency and better monitoring. The second chapter examines the effect of busy female on corporate cash holding in the United States during the period of 1999-2018. Consistent with reputation hypothesis, we find that companies with busy female directors maintain a higher level of cash, suggesting that busy female can utilize her skills and network to provide competitive advantage for firms to acquire cash. Firm size, number of analysts following firms and institutional ownership mitigate the impact of busy female on firm’s cash holding. We find no correlation between busy male directors and firm’s cash holdings. In the third chapter, we apply quantile regression to examine the impact of busy female on different levels of firm performance in the United States during the 1999-2018 period. We find that the effect of busy female on firm performance varies across different quantiles. Specifically, busy female has a negative impact on firm performance at a low level of firm performance, supporting a busyness hypothesis. In contrast, busy female has a positive impact on firm performance at firms with high performance, consistent with a reputation hypothesis. We address the issue relating to the theory conflict, suggesting that both reputation and busyness hypotheses could explain the impact of busy female on firm performance depending on certain level of firm performance.
published_date 2022-12-21T04:21:54Z
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score 11.036706

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