This study finds that even after controlling for board gender diversity, TMT gender diversity has a distinct and positive effect on corporate innovation. The study also finds that the joint interaction of tournament incentives and TMT gender diversity is detrimental to innovation, implying the two are substitutes. The substitution effect persists beyond the year of female transition and is concentrated on larger firms and firms in low-technology industries. Our results are robust across alternative measures of tournament incentives, female representation, and innovation and after accounting for the endogeneity of both tournament incentives and TMT gender diversity. Thus, for gender-diverse TMTs pursuing an active innovation policy, tournament incentives may not be appropriate.

本研究发现，即使在控制了董事会性别多元化之后，TMT 性别多元化对企业创新也有明显的积极影响。研究还发现，赛事激励和TMT性别多样性的共同作用不利于创新，暗示两者是替代品。替代效应在女性转型之后仍然存在，并且集中在大公司和低技术行业的公司身上。在考虑了锦标赛激励和 TMT 性别多样性的内生性之后，我们的结果在锦标赛激励、女性代表和创新的替代措施中是稳健的。因此，对于追求积极创新政策的性别多元化 TMT，锦标赛奖励可能并不合适。