Gender diversity of boards and executives on real earnings management in the bull or bear period: Empirical evidence from China
研究2000-2017年中国上市公司在牛市和熊市期间，董事会、监事会和高管中的女性比例如何影响真实盈余管理行为，发现女性监事和高管在熊市和牛市均能抑制盈余操纵，且女性CEO在熊市更谨慎，女性CFO在牛市更有效。
Abstract This study investigates whether gender diversity in the roles of executives, boards of supervisors and management impacts real earnings management during the bullish and bearish periods from 2000 to 2017. The sample is separated by bullish (11,616 firm‐year observations) and bearish (14,436 firm‐year observations) periods. The results suggest that female participation on supervisory boards and executives tend to kerb real earnings management during bearish and bullish periods. Another important finding is that female CEOs are more cautious in real earnings manipulation due to their risk‐averse nature during the bearish period, while female CFOs are more likely to constrain real earnings management in the bullish period. This study failed to find the relation of gender diversity on boards of management to real earnings management; however, the study has found that female executives (excluding CEOs and CFOs) who are also directors are more likely to limit earnings manipulation.