• ISSN: 2010-023X (Print)
    • Abbreviated Title: Int. J. Trade, Economics and Financ.
    • Frequency: Quaterly
    • DOI: 10.18178/IJTEF
    • Editor-in-Chief: Prof.Tung-Zong (Donald) Chang
    • Managing Editor: Ms. Inez. Chan

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HOME > Archive > 2025 > Volume 16 Number 1 (2025) >
IJTEF 2025 Vol.16(1): 124-132
DOI: 10.18178/ijtef.2025.16.1.780

Executive Gender Differences and Corporate Financialization: Evidence from China

Shangquan Zhang
Business School, University of International Business and Economics, Beijing, China
Email: chandlerchueng@gmail.com

Manuscript received November 8, 2024; revised November 30, 2024; accepted December 28, 2024; published January 23, 2025.

Abstract—This study examines the impact of female executives on corporate financialization using a large sample of Chinese A-share listed companies from 2007 to 2023. The presence of female executives significantly increases corporate financialization levels, a finding robust to various checks, including Heckman treatment effect models, propensity score matching, and alternative explanatory variables. This increase is due to higher risk aversion associated with gender rather than deteriorating corporate governance. Mechanism analyses show no significant difference in internal control quality between firms with and without female executives. The positive impact on financialization is stronger in firms with previous losses, and the influence of female executives on financialization does not significantly reduce subsequent corporate real asset investment. Overall, female executives enhance corporate financialization through higher risk aversion, however, with neutral motivation and impact on investment. This research provides insights into behavioral biases due to managerial gender and has significant implications for corporate financialization practices. 


 Keywords—corporate financialization, risk aversion, female executive, precautionary motive, corporate behavioral finance 


Cite: Shangquan Zhang, "Executive Gender Differences and Corporate Financialization: Evidence from China," International Journal of Trade, Economics and Finance, vol.16, no.1, pp. 124-132, 2025.


Copyright © 2025 by the authors. This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).

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