高管性别、权力结构与企业反伦理行为——基于上市公司违规操作PSM配对样本的实证检验
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外国经济与管理 2015 年 第 37 卷第 10 期, 页码：
摘要
参考文献
摘要
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。
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［2］Ahern K and Dittmar A. The changing of the boards:The impact of firm valuation of mandated female board representation［J］. The Quarterly Journal of Economics,2012,127(1):137-197.
［3］Anderson R C,et al. The economics of director heterogeneity［J］. Financial Management,2011,40(1):5-38.
［4］Armstrong C,et al. Chief executive officer equity incentives and accounting irregularities［J］. Journal of Accounting Research,2010,48(2):225-271.
［5］Betz M,et al. Gender differences in proclivity for unethical behavior［J］. Journal of Business Ethics,1989,8(5):321-324.
［6］Burns N and Kedia S. The impact of performancebased compensation on misreporting［J］. Journal of Financial Economics,2006,79 (1):35-67.
［7］Chen G M,et al. Ownership structure,corporate governance and fraud:Evidence from China［J］. Journal of Corporate Finance,2006,12(3):424-448.
［8］Cronqvist H,et al. Behavioral consistency in corporate finance:CEO personal and corporate leverage［J］. Journal of Financial Economics,2012,103(1):20-40.
［9］Dechow P M,et al. Detecting earnings management［J］. The Accounting Review,1995,70(2):193-225.
［10］Dreber A and Johannesson M. Gender differences in deception［J］. Economics Letters,2008,99(1):197-199.
［11］Dyck A,et al. Who blows the whistle on corporate fraud?［J］. Journal of Finance,2010,65(6):2213-2253.
［12］Faccio M,et al. CEO gender,corporate risktaking,and the efficiency of capital allocation［R］. Working Paper,2012.
［13］Finkelstein S. Power in top management teams:Dimensions,measurement,and validation［J］. Academy of Management Journal,1992,35(3):505-538.
［14］Francis B,et al. The impact of CFO gender on bank loan contracting［J］. Journal of Accounting,Auditing and Finance,2013,28 (1):53-78.
［15］Graham R J,et al. Managerial attitudes and corporate action［J］. Journal of Financial Economics,2013,109(1):103-121.
［16］Hambrick D C and Msaon P A. Upper echelons:The organization as a reflection of its top managers［J］. Academy of Management Review,1984,9(2):193-206
［17］Huang J K and Kisgen D. Gender and corporate finance:Are male executives overconfident relative to female executives［J］. Journal of Financial Economics,2013,108(3):822-839.
［18］Jurkus A F,et al. Women in top management and agency costs［J］. Journal of Business Research,2011,64(2):180-186.
［19］Knight J. Sexual stereotypes［J］. Nature,2002,415:254-256.
［20］Levi M,et al. Director gender and mergers and acquisitions［R］. working paper,2013.
［21］Matsa A D and Amalia R M. Chipping away at the glass ceiling:Gender spillovers in corporate leadership［J］. American Economics Review,2011,101(3):635-639.
［22］Nalikka A. Impact of gender diversity on voluntary disclosure in annual reports［J］. Accounting and taxation,2009,1(1):101-113.
［23］Nguyen N T,et al. Moral issues and gender differences in ethical judgment using Reidenbach and Robin’s (1990) multidimensional ethics scale:Implications in teaching of business ethics［J］. Journal of Business Ethics,2008,77(4):417-430.
［24］Renée B A and Ferreira D. Women in the boardroom and their impact on governance and performance［J］. Journal of Financial Economics,2009,94(2):291-309.
［25］Renée B A,et al. Powerful CEOs and their impact on corporate performance［J］. Review of Financial Studies,2005,18(4):1403-1432.
［26］Ruegger D and King E W. A study of the effect of age and gender upon student business ethics［J］. Journal of Business Ethics,1992. 11(3):179-186.
［27］Shane A,et al. Managerial incentives and corporate fraud:The sources of incentives matter［J］. Review of Finance,2009,13(1):115-145.
［28］Srinidhi B,et al. Female directors and earnings quality［J］. Contemporary Accounting Research,2011,28 (5):1610-1644.
［29］Thomas M J. Ethical decision making by individuals in organizations:An issuecontingent model［J］. Academy of Management Review,1991,16:366-395.
［30］Tyson,T. Believing that everyone else is less ethical:Implications for work behavior and ethics instruction［J］. Journal of Business Ethics,1990,9(9):715-721.
［31］Ulrike M,et al. Overconfidence and earlylife experiences:The effect of managerial traits on corporate financial policies［J］. Journal of Finance,2011,66(5):1687-1733.
［32］Wang T Y,et al. Corporate fraud and business conditions:Evidence from IPOs［J］. Journal of Finance,2010,65(6):2255-2292.
［33］Yu F and Yu X Y. Corporate lobbying and fraud detection［J］. Journal of Financial and Quantitative Analysis,2011,46(6):1865-1891.
［34］白重恩等.中国上市公司治理结构的实证研究［J］.经济研究，2005,(2):81-91.
［35］蔡志岳，吴世农. 董事会特征影响上市公司违规行为的实证研究［J］.南开管理评论，2007,(6):62-68.
［36］李小荣，刘行. CEO vs CFO:性别与股价崩盘风险，世界经济［J］.2012,(12):102-129.
［37］陆瑶，朱玉杰，胡晓元. 机构投资者持股与上市公司违规行为的实证研究［J］.南开管理评论，(1):13-23.
［38］谭亚莉，廖建桥，李骥. 管理者非伦理行为到组织腐败的衍变过程、机制与干预：基于心理社会微观视角的分析［J］.管理世界，2011,(12):68-77.
［39］杨清香，俞麟，陈娜. 董事会特征与财务舞弊——来自中国上市公司的经验证据［J］.会计研究，2009,(7):64-70.
［40］祝继高，叶康涛，严冬.女性董事与企业投资行为:基于金融危机视角［J］.财贸经济，2012,(4):1-8.
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淦未宇, 徐细雄, 林丁健. 高管性别、权力结构与企业反伦理行为——基于上市公司违规操作PSM配对样本的实证检验[J]. 外国经济与管理, 2015, 37(10): 0.
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