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| How Does the Female Chairman of the Board Affect the R&D Expenditures:the Perspective of the Corporate Life Cycle |
| Qiu Rongguo |
| （School of Public Administration, Yancheng Teachers University, Yancheng 224007, China） |
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Abstract This paper uses a sample consisting of listed firms from 2007 to 2019 to empirically test the impact of the female chairman of the board on the R&D expenditures. We find that the female chairman is negatively associated with the R&D expenditures. And the negative relationship is the most significant in the mature period, followed by the growth period and the weakest in the recession period. We also find that when the chairman of board was female, the number of patent applications decreased and the number of invention patent applications decreased. And the risk aversion behavior of the female chairman has restrained the innovation of the corporate. The conclusions of this study enrich the relevant research on innovation management, and also have some practical implications.
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Received: 08 July 2020
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