外国经济与管理
外國經濟與管理
외국경제여관리
Foreign Economies & Management
2015年
10期
18-31
,共14页
女性高管%企业反伦理行为%权力结构%PS M 匹配
女性高管%企業反倫理行為%權力結構%PS M 匹配
녀성고관%기업반윤리행위%권력결구%PS M 필배
female executive%corporate unethical behavior%power structure%propensity score matching
企业反伦理行为是转型期我国上市公司频繁发生的治理乱象，也是商业伦理研究的热点。本文以2006－2011年A股市场因违规操作被监管机构公开谴责、批评或处罚的327家公司及其PSM 配对样本为研究对象，采用二分类Probit回归方法实证检验了高管性别对企业伦理决策的影响效应。研究发现，高管性别是影响企业伦理决策的重要因素：当高管团队中存在女性成员或女性高管的比例上升时，公司发生反伦理性违规操作的概率显著降低。同时，女性高管抑制反伦理性违规操作的治理效果受到企业权力配置结构调节作用的影响。具体来讲，“一把手”权力强度越大（越集权），女性高管抑制反伦理性违规操作的积极作用越突出。本研究拓展了对企业反伦理行为决定因素的理论认知，也对女性高管决策与治理领域的研究文献贡献了新的知识。
企業反倫理行為是轉型期我國上市公司頻繁髮生的治理亂象，也是商業倫理研究的熱點。本文以2006－2011年A股市場因違規操作被鑑管機構公開譴責、批評或處罰的327傢公司及其PSM 配對樣本為研究對象，採用二分類Probit迴歸方法實證檢驗瞭高管性彆對企業倫理決策的影響效應。研究髮現，高管性彆是影響企業倫理決策的重要因素：噹高管糰隊中存在女性成員或女性高管的比例上升時，公司髮生反倫理性違規操作的概率顯著降低。同時，女性高管抑製反倫理性違規操作的治理效果受到企業權力配置結構調節作用的影響。具體來講，“一把手”權力彊度越大（越集權），女性高管抑製反倫理性違規操作的積極作用越突齣。本研究拓展瞭對企業反倫理行為決定因素的理論認知，也對女性高管決策與治理領域的研究文獻貢獻瞭新的知識。
기업반윤리행위시전형기아국상시공사빈번발생적치리난상，야시상업윤리연구적열점。본문이2006－2011년A고시장인위규조작피감관궤구공개견책、비평혹처벌적327가공사급기PSM 배대양본위연구대상，채용이분류Probit회귀방법실증검험료고관성별대기업윤리결책적영향효응。연구발현，고관성별시영향기업윤리결책적중요인소：당고관단대중존재녀성성원혹녀성고관적비례상승시，공사발생반윤리성위규조작적개솔현저강저。동시，녀성고관억제반윤리성위규조작적치리효과수도기업권력배치결구조절작용적영향。구체래강，“일파수”권력강도월대（월집권），녀성고관억제반윤리성위규조작적적겁작용월돌출。본연구탁전료대기업반윤리행위결정인소적이론인지，야대녀성고관결책여치리영역적연구문헌공헌료신적지식。
Corporate unethical behavior happens frequently in Chinese stock market dur‐ing the transition period ,and also attracts much attention from scholars in the field of busi‐ness ethics .In order to investigate the impact of executive gender on corporate unethical be‐havior ,this paper estimates the bivariate Probit model with the data of 327 Chinese listed companies publicly condemned ,criticized and punished by regulatory authority owing to cor‐porate fraud and their propensity score matching companies from 2006 to 2011 .It comes to the conclusions that executive gender is the important factor affecting firm ethical decisions :higher ratio of female managers in top management team or female executives leads to the significant reduction in the possibility of corporate unethical fraud .Meanwhile ,power alloca‐tion structure plays an adjustment role in the governance effect of female executives on un‐ethical fraud .Specifically speaking ,more power possessed by chiefs results in more domi‐nantly active role of female executives on the inhibition of unethical fraud .This paper ex‐tends the theoretical cognition of the determinants of corporate unethical behavior and makes contributions to the literature of female executive decision-making and governance .
