Nội dung được dịch bởi AI, chỉ mang tính chất tham khảo
Shhh… Các Ban Giám Đốc Đa Dạng Giới Tính Có Thứ Tự Quan Tâm Đến Thị Trường Sản Phẩm Hơn Là Lợi Ích Thị Trường Vốn Không?
Journal of Business Ethics - Trang 1-23 - 2023
Tóm tắt
Chúng tôi khảo sát việc các ban giám đốc đa dạng giới tính có ưu tiên vấn đề thị trường sản phẩm hơn các động lực từ thị trường vốn khi chi phí sở hữu trí tuệ ở mức cao. Chúng tôi lập luận rằng các ban giám đốc đa dạng giới tính bảo vệ lợi thế cạnh tranh của công ty và tối đa hóa sự giàu có lâu dài của cổ đông bằng cách duy trì một cách có đạo đức và cẩn thận thông tin sở hữu trí tuệ trong vòng bí mật. Do việc tiết lộ thông tin sở hữu trí tuệ bị giảm, các công ty có ban giám đốc đa dạng giới tính có khả năng phải đối mặt với nhiều rủi ro phân vân hơn khi chi phí sở hữu trí tuệ cao. Tuy nhiên, việc giảm thiểu tiết lộ thông tin sở hữu trí tuệ cho phép các công ty có ban giám đốc đa dạng giới tính tăng cường và duy trì lợi thế cạnh tranh của mình, đồng thời đạt được lợi nhuận cao hơn trong thời gian dài. Sử dụng mẫu kiểm soát từ các công ty niêm yết tại Hoa Kỳ, chúng tôi phát hiện rằng các công ty có ban giám đốc đa dạng giới tính, so với các công ty tương tự có ban giám đốc hoàn toàn nam giới, (1) có liên quan đến chi phí phân vân rủi ro cao hơn và (2) lợi suất cổ phiếu cao hơn trong dài hạn khi công ty đối mặt với sự cạnh tranh khốc liệt trên thị trường sản phẩm. Tập hợp lại, các kết quả của chúng tôi gợi ý rằng các công ty có ban giám đốc đa dạng giới tính, mặc dù ban đầu gặp phải rủi ro phân vân cao hơn trong một môi trường cạnh tranh, lại được đền đáp bằng mức tăng ròng khoảng 10% giá cổ phiếu trong vòng ba năm. Nghiên cứu của chúng tôi đóng góp vào tài liệu bằng cách làm nổi bật tầm quan trọng của sự đa dạng giới tính trong ban giám đốc trong việc khuyến khích việc chỉnh sửa thông tin sở hữu trí tuệ một cách có đạo đức, dựa trên động cơ chi phí sở hữu trí tuệ chứ không phải chi phí đại diện. Các phát hiện của chúng tôi có ý nghĩa quan trọng đối với các nhà quản lý, các công ty và cổ đông bằng cách xác định các ban giám đốc đa dạng giới tính như một yếu tố tiên quyết cho việc chỉnh sửa thông tin sở hữu trí tuệ một cách có đạo đức.
Từ khóa
#ban giám đốc đa dạng giới tính #lợi thế cạnh tranh #thông tin sở hữu trí tuệ #chi phí phân vân #cổ phần dài hạnTài liệu tham khảo
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