TMT gender diversity: implications for corporate tournaments and innovation
研究发现高管团队性别多样性对创新有独立正向作用，但与锦标赛激励存在替代效应，后者会削弱创新，尤其在大企业和低技术行业。
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.