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‘‘Hold up half the sky’’ in the digital era: The impact of female leadership on financial risks of firm digitalization in China
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DOI：10.1007/s10490-026-10161-6.png)
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Abstract
En 中文
Successful firm digitalization could benefit firms, but this process also exposes them to various financial risks. Although research suggests that female leadership may mitigate firm financial risks, current studies ignore the paradoxical influence of female leadership in the digital context. Despite the existing stereotypes against females in taking the role of leaders and their technology-related capabilities, the impact of female leadership in influencing financial risks in the digitalization process remains under-investigated. Drawing on upper echelon theory and role congruity theory, we examined the impact of the female ratio of top managers, the power of female top managers, and gender culture in the relationship between firm digitalization and firm financial risks. Using panel data of 15,723 firm-annual observations from 2521 Chinese listed companies from 2007 to 2019, most of our hypotheses are supported. Our findings indicate that the female ratio of top managers exacerbates the financial risks of firm digitalization, the power of female top managers attenuates the risks, and unequal gender culture makes the effect of the power of female top managers more pronounced. This study offers theoretical and practical insights into research on firm digitalization, risk management, and female leadership.
Keywords:
Firm digitalization
Financial risks
Female ratio of top managers
Power of female top managers
Gender culture
Role congruity theory
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