Purpose

This study aims to investigate how the presence of female CEOs (FCEOs) affects investment efficiency in emerging economy, where female participation in business activities is limited.

Design/methodology/approach

This paper investigates the impact of CEO gender on investment efficiency by using investment efficiency measures proposed by Biddle et al. (2009), Chen et al. (2011) and Chen et al. (2013).

Findings

The findings suggest that FCEOs are associated with high level of investment efficiency. FCEOs improve corporate governance, streamline management and reduce inefficient investment decisions. In addition, FCEOs focus more on curbing underinvestment than overinvestment when making investment decisions. Furthermore, high financial reporting quality (FRQ) strengthens the effect of FCEOs on investment efficiency. The results suggest that FCEOs do not ameliorate the investment efficiency of state-owned enterprises.

Originality/value

This study enhances our understanding of the effects of FCEOs on corporate investment decisions in a male-dominated society. Efficient use of resources is vital from corporate and societal perspectives. Emerging economies are characterized by the unstable political and economic environment and low participation of females in decision-making. Hence, these economies require efficient utilization of resources. This study also sheds light on the role of FCEOs in curtailing underinvestment in emerging economies. It proves that FRQ is important in emerging economies because it strengthens the governance role of FCEOs.

中文翻译：

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女首席执行官与投资效率：来自新兴经济体的证据

目的

这项研究旨在调查女性CEO（FCEO）的存在如何影响新兴经济的投资效率，而新兴经济中女性参与商业活动受到限制。

设计/方法/方法

本文通过使用Biddle等人提出的投资效率衡量方法，研究了CEO性别对投资效率的影响。（2009），Chen等。（2011）和Chen等。（2013）。

发现

研究结果表明，FCEO与高水平的投资效率相关。FCEO改善了公司治理，简化了管理并减少了无效的投资决策。此外，在制定投资决策时，FCEO更侧重于抑制投资不足，而不是过度投资。此外，高财务报告质量（FRQ）增强了FCEO对投资效率的影响。结果表明，FCEO并没有改善国有企业的投资效率。

创意/价值

这项研究增强了我们对男性主导社会中FCEO对公司投资决策的影响的理解。从公司和社会的角度来看，有效利用资源至关重要。新兴经济体的特点是政治和经济环境不稳定，女性参与决策的比例较低。因此，这些经济体需要有效利用资源。这项研究还阐明了FCEO在减少新兴经济体投资不足方面的作用。事实证明，FRQ在新兴经济体中很重要，因为它加强了FCEO的治理作用。