Impact of Executive Gender on High-quality Development of Non-family Enterprises--Based on the Empirical Test of Listed Enterprises in China

At present, more and more women are holding key positions in enterprises and becoming an indispensable force for the development of enterprises. Based on the data of non-family enterprises listed on China's A-share market from 2015 to 2021, this paper explored the impact of executive gender on the high-quality development of enterprises. According to the fundamental regression findings: Female CEOs can promote high-quality development of non-family enterprises. Analysis based on the gender structure of the management shows that: The female-male combination of CEO and chairman has the most significant positive effect on the high-quality development of enterprises, and the positive effect of female CEOs on the high-quality development of enterprises is mainly reflected in enterprises with a high degree of gender diversity in the Board. After dividing the enterprise lifecycle, it is found that the positive impact of female CEOs on the high-quality development of enterprises is most significant in the growth and maturity stages. The heterogeneity analysis of financial flexibility shows that the impact of female CEOs on the high-quality development of enterprises is significant in enterprises with high financial flexibility.