Women executives and financing pecking order of GEM-listed companies: Moderating roles of social capital and regional institutional environment
研究中国创业板上市公司女性高管的融资偏好，发现她们较少使用内部融资和债务融资，且社会资本与制度环境对融资意愿有调节作用，为企业和政府优化融资环境提供启示。
This paper investigates the financing options of female executives within China’s unique environment. We examined 154 GEM enterprises listed on the Shenzhen Stock Exchange from 2009 to 2016. The data were analyzed using statistical procedures including multilevel regression analysis based on the existing financing pecking order models. Empirical evidence shows that women executives are less likely to use internal and debt financing. In terms of internal financing willingness, social capital and external institutional environment have negative and positive moderating effects respectively. In terms of debt financing willingness, social capital has a positive moderating effect. In addition, a poor external institutional environment has an amplifying effect on the moderating role of women executives’ social capital. Our study enriches current research on women executives' financing preferences which are limited to areas such as debt, equity financing and risk appetite and provides enlightenment for companies and women executives to improve their competitive advantages, and for government to optimize the external institutional environment.