Do Gender-Diverse Boards Enhance the Linguistic Features of Corporate Financial Reporting?
基于2007-2016年美国上市公司数据，研究发现董事会和审计委员会的性别多元化能提高财务报告叙述部分的可读性，并使年报语气更少乐观、诉讼性和模糊性，从而提升信息披露质量。
SYNOPSIS Textual features, such as readability and disclosure tone, of mandatory financial reports have significant economic consequences. Managers and directors’ demographic attributes can also lead to different reporting styles. This study examines how gender-diverse boards influence the readability and tone of corporate financial disclosures under the framework of upper echelons theory. Using a sample of 3,085 U.S. firm-year observations from 2007 to 2016, we find that gender diversity in the board and audit committee enhances the readability of narrative disclosures and is associated with a less optimistic, litigious, and ambiguous tone in annual reports. This study highlights the contribution of female directors to the quality and transparency of financial disclosures and supports recent regulatory initiatives aimed at enhancing female representation on corporate boards.