Research on the Impact of Female Directors on Capital Structure Adjustment -- Based on the perspective of crash risk

Abstract

This paper selects all non-financial listed companies in Shanghai and Shenzhen A shares from 2010 to 2022 as the research object, based on dynamic capital structure theory, high-level echelon theory and resource dependence theory, through panel regression , to explore the impact of female directors themselves on the speed of capital structure adjustment; And introducing crash risk into the extended model to test the relationship between female directors and the speed of capital structure adjustment from the perspective of crash risk. The results show that the existence of female directors in the board of directors will optimize the capital structure, and the increase in the proportion of female directors in the board of directors will improve the speed of capital structure adjustment; Due to the characteristics of conservative and cautious women, the existence of female directors in the board of directors will reduce the risk of stock price collapse; Based on the perspective of collapse risk, female directors still improve the speed of capital structure adjustment.