Moderating Role of Internal Control between the Gender Diversity and Board of Director for Financial Performance of State-owned Enterprises in China

Aitken, A. C. (1936). IV.—On least squares and linear combination of observations. Proceedings of the Royal Society of Edinburgh, 55, 42-48.
Almashhadani, M., & Almashhadani, A. A. (2022). Corporation Performance and Corporate Governance System: An argument. International Journal of Business and Management Invention, 11(2), 13-18.
Antonakis, J., Bendahan, S., Jacquart, P., Lalive, R. (2010). On making causal claims: a review and recommendations. Leader. Q. 21 (6), 1086–1120.
Badal, S., & Harter, J. K. (2014). Gender diversity, business-unit engagement, and performance. Journal of Leadership & Organizational Studies, 21(4), 354-365.
Bantel, K. A. (1993). Strategic clarity in banking: Role of top management-team demography. Psychological reports, 73(3_suppl), 1187-1201.
Belkhir, M. (2009). Board of directors' size and performance in the banking industry. International Journal of Managerial Finance, 5(2), 201-221.
Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of corporate finance, 14(3), 257-273.
Bin Khidmat, W., Ayub Khan, M., & Ullah, H. (2020). The effect of board diversity on firm performance: evidence from Chinese Listed companies. Indian Journal of Corporate Governance, 13(1), 9-33.
Brinton, M. C. (1993). Women and the economic miracle: Gender and work in post-war Japan. Univ of California Press.
Bullough, A., Hechavarría, D. M., Brush, C. G., & Edelman, L. F. (Eds.). (2019). High-growth women’s entrepreneurship: Programs, policies and practices. Edward Elgar Publishing.
Byron, K., & Post, C. (2016). Women on boards of directors and corporate social performance: A meta?analysis. Corporate Governance: An International Review, 24(4), 428-442.
Carmo, C., Alves, S., & Quaresma, B. (2022). Women on Boards in Portuguese Listed Companies: Does Gender Diversity Influence Financial Performance? Sustainability, 14(10), 6186.
Darko, J., Aribi, Z. A., & Uzonwanne, G. C. (2016). Corporate governance: the impact of director and board structure, ownership structure and corporate control on the performance of listed companies on the Ghana stock exchange. Corporate Governance, 16(2), 259-277.
De Andres, P., & Vallelado, E. (2008). Corporate governance in banking: The role of the board of directors. Journal of banking & finance, 32(12), 2570-2580.
Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of financial economics, 83(3), 599-634.
Dunn, P., & Sainty, B. (2009). The relationship among board of director characteristics, corporate social performance and corporate financial performance. International Journal of Managerial Finance, 5(4), 407-423.
Eberhardt-Toth, E. (2017). Who should be on a board corporate social responsibility committee? Journal of Cleaner Production, 140, 1926-1935.
Eniola, O. J., & Akinselure, O. P. (2016). Effect of internal control on financial performance of firms in Nigeria. (A Study of selected manufacturing firms). IOSR Journal of Business and Management, 18(10), 80-85.
Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate governance: An international review, 11(2), 102-111.
Feng, Y., Chen, H. H., & Tang, J. (2018). The impacts of social responsibility and ownership structure on sustainable financial development of China’s energy industry. Sustainability, 10(2), 301.
Fernandes, C., Farinha, J., Martins, F. V., & Mateus, C. (2018). Bank governance and performance: A survey of the literature. Journal of Banking Regulation, 19, 236-256.
Francoeur, C., Labelle, R., & Sinclair-Desgagne, B. (2008). Gender diversity in corporate governance and top management. Journal of business ethics, 81, 83-95.
Garcia-Sanchez, I. M., Raimo, N., & Vitolla, F. (2021). CEO power and integrated reporting. Meditari Accountancy Research, 29(4), 908-942.
Gaur, S. S., Bathula, H., Singh, D. (2015). Ownership concentration, board characteristics and firm performance: a contingency framework. Manag. Decis. 53 (5), 911–931.
Gillan, S. L. (2006). Recent developments in corporate governance: An overview. Journal of corporate finance, 12(3), 381-402.
Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The quarterly journal of economics, 118(1), 107-156.
Hamilton, B. H., & Nickerson, J. A. (2003). Correcting for endogeneity in strategic management research. Strategic organization, 1(1), 51-78.
Harjoto, M. A., & Rossi, F. (2019). Religiosity, female directors, and corporate social responsibility for Italian listed companies. Journal of Business Research, 95, 338-346.
Harjoto, M., Laksmana, I., & Lee, R. (2015). Board diversity and corporate social responsibility. Journal of business ethics, 132, 641-660.
Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management review, 28(3), 383-396.
Hillman, A. J., Cannella, A. A., & Paetzold, R. L. (2000). The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management studies, 37(2), 235-256.
Hussain, N., Rigoni, U., & Orij, R. P. (2018). Corporate governance and sustainability performance: Analysis of triple bottom line performance. Journal of business ethics, 149, 411-432.
Hyun, E., Yang, D., Jung, H., & Hong, K. (2016). Women on boards and corporate social responsibility. Sustainability, 8(4), 300.
Jacoby, G., Liu, M., Wang, Y., Wu, Z., & Zhang, Y. (2019). Corporate governance, external control, and environmental information transparency: Evidence from emerging markets. Journal of International Financial Markets, Institutions and Money, 58, 269-283.
Javeed, S. A., Latief, R., & Lefen, L. (2020). An analysis of relationship between environmental regulations and firm performance with moderating effects of product market competition: Empirical evidence from Pakistan. Journal of Cleaner Production, 254, 120-197.
Javeed, S. A., Latief, R., Jiang, T., San Ong, T., & Tang, Y. (2021). How environmental regulations and corporate social responsibility affect the firm innovation with the moderating role of Chief executive officer (CEO) power and ownership concentration? Journal of Cleaner Production, 308, 127212.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
Kassinis, G., Panayiotou, A., Dimou, A., & Katsifaraki, G. (2016). Gender and environmental sustainability: A longitudinal analysis. Corporate Social Responsibility and Environmental Management, 23(6), 399-412.
Kinyua, J. K., Gakure, R., Gekara, M., & Orwa, G. (2015). Effect of internal control environment on the financial performance of companies quoted in the Nairobi Securities Exchange. International Journal of Innovative Finance and Economics Research, 3(4), 29-48.
Koufopoulos, D., Zoumbos, V., Argyropoulou, M., & Motwani, J. (2008). Top management team and corporate performance: a study of Greek firms. Team Performance Management: An International Journal, 14(7/8), 340-363.
Kurniati, S. (2019). Stock returns and financial performance as mediation variables in the influence of good corporate governance on corporate value. Corporate Governance: The International Journal of Business in Society, 19(6), 1289-1309.
Li, F. (2016). Endogeneity in CEO power: A survey and experiment. Investment Analysts Journal, 45(3), 149-162.
Liao, L., Luo, L., & Tang, Q. (2015). Gender diversity, board independence, environmental committee and greenhouse gas disclosure. The British accounting review, 47(4), 409-424.
Liu, J., & Li, Y. (2023, July). Research on the Influence of Senior Team Heterogeneity on Enterprise Performance Based on MAR Model——The Perspective of Equity Concentration. In Proceedings of the 2nd International Conference on Bigdata Blockchain and Economy Management, ICBBEM 2023, May 19–21, 2023, Hangzhou, China.
Lu, J., Javeed, S. A., Latief, R., Jiang, T., & Ong, T. S. (2021). The moderating role of corporate social responsibility in the association of internal corporate governance and profitability; evidence from Pakistan. International journal of environmental research and public health, 18(11), 5830.
Lu, L. W. (2021). The moderating effect of corporate governance on the relationship between corporate sustainability performance and corporate financial performance. International Journal of Disclosure and Governance, 18(3), 193-206.
Lu, Y., & Cao, Y. (2018). The individual characteristics of board members and internal control weakness: Evidence from China. Pacific-Basin Finance Journal, 51, 75-94.
Manna, A., Sahu, T. N., & Gupta, A. (2019). Governance-led corporate performance: Theory and practice. Emerald Publishing Limited.
Maung, M., Wilson, C., & Tang, X. (2016). Political connections and industrial pollution: Evidence based on state ownership and environmental levies in China. Journal of Business Ethics, 138, 649-659.
McCahery, J. A., & Vermeulen, E. P. (2014). Understanding the board of directors after the financial crisis: Some lessons for Europe. Journal of Law and Society, 41(1), 121-151.
Meng, Y., Clements, M. P., & Padgett, C. (2018). Independent directors, information costs and foreign ownership in Chinese companies. Journal of International Financial Markets, Institutions and Money, 53, 139-157.
Moreno-Gómez, J., Lafuente, E., & Vaillant, Y. (2018). Gender diversity in the board, women’s leadership and business performance. Gender in Management: An International Journal, 33(2), 104-122.
Mulatu, A., Florax, R. J., & Withagen, C. A. (2003). Environmental regulation and competitiveness: An exploratory meta-analysis (pp. 23-54). Physica-Verlag HD.
Naciti, V. (2019). Corporate governance and board of directors: The effect of a board composition on firm sustainability performance. Journal of Cleaner Production, 237, 117727.
Nguyen, T. H., Elmagrhi, M. H., Ntim, C. G., & Wu, Y. (2021). Environmental performance, sustainability, governance and financial performance: Evidence from heavily polluting industries in China. Business Strategy and the Environment, 30(5), 2313-2331.
Omran, M. (2009). Post-privatization corporate governance and firm performance: The role of private ownership concentration, identity and board composition. Journal of comparative Economics, 37(4), 658-673.
Parisi, F., Mathur, I., & Nail, L. (2009). Minority stockholders' protection in a new corporate control law: Market implications in an emerging economy. Emerging Markets Finance and Trade, 45(6), 4-19.
Pasko, O., Zhang, L., Tkal, Y., Hordiyenko, M., Popova, L., & Abraham, Y. (2021). Can CSR engagement and strong internal control enhance sustainable corporate growth? Evidence from Chinese listed companies. Pakistan Journal of Commerce and Social Sciences (PJCSS), 15(3), 497-521.
Perryman, A. A., Fernando, G. D., & Tripathy, A. (2016). Do gender differences persist? An examination of gender diversity on firm performance, risk, and executive compensation. Journal of Business Research, 69(2), 579-586.
Pfeffer, J., & Salancik, G. (2015). External control of organizations—Resource dependence perspective. In Organizational Behavior 2 (pp. 373-388). Routledge.
Ruigrok, W., Peck, S., Tacheva, S., Greve, P., & Hu, Y. (2006). The determinants and effects of board nomination committees. Journal of Management & Governance, 10, 119-148.
Saleh, M. W., Zaid, M. A., Shurafa, R., Maigoshi, Z. S., Mansour, M., & Zaid, A. (2021). Does board gender enhance Palestinian firm performance? The moderating role of corporate social responsibility. Corporate Governance: The International Journal of Business in Society, 21(4), 685-701.
Schultz, E. L., Tan, D. T., & Walsh, K. D. (2010). Endogeneity and the corporate governance-performance relation. Australian journal of Management, 35(2), 145-163.
See, J. K. P., Pitchay, A. A., Ganesan, Y., Haron, H., & Hendayani, R. (2020). The effect of audit committee characteristics on audit quality: the moderating role of internal audit function. Journal of Governance and Integrity, 3(2).
Shan, Z., Zhou, C., Song, X., & Liu, S. (2022). Influence Mechanism of Urban Staggered Shared Parking Policy on Behavioral Intentions of Users and Providers Based on Extended Planned Behavior Theory. Sustainability, 14(21), 14021.
Smith, N., Smith, V., & Verner, M. (2006). Do women in top management affect firm performance? A panel study of 2,500 Danish firms. International Journal of productivity and Performance management, 55(7), 569-593.
Smith, W. J., Wokutch, R. E., Harrington, K. V., & Dennis, B. S. (2001). An examination of the influence of diversity and stakeholder role on corporate social orientation. Business & Society, 40(3), 266-294.
Tao, L., Wei, X., & Wang, W. (2023). Does Enterprise Internal Control Improve Environmental Performance—Empirical Evidence from China. Sustainability, 15(13), 101-109.
Terjesen, S., Couto, E. B., & Francisco, P. M. (2016). Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity. Journal of Management & Governance, 20, 447-483.
Trotman, A. J., & Duncan, K. R. (2018). Internal audit quality: Insights from audit committee members, senior management, and internal auditors. Auditing: A Journal of Practice & Theory, 37(4), 235-259.
Uadiale, O. M. (2010). The impact of board structure on corporate financial performance in Nigeria.
Ud Din, N., Cheng, X., Ahmad, B., Sheikh, M. F., Adedigba, O. G., Zhao, Y., & Nazneen, S. (2021). Gender diversity in the audit committee and the efficiency of internal control and financial reporting quality. Economic research-Ekonomska istraživanja, 34(1), 1170-1189.
Ullah, S., Akhtar, P., & Zaefarian, G. (2018). Dealing with endogeneity bias: The generalized method of moments (GMM) for panel data. Industrial Marketing Management, 71, 69-78.
Wang, S. (2019). Research on the Impact of Joint Venture Board Composition on Internal Control: Based on the Moderating Role of Executive Power. Chinese Journal of Social Science and Management, 3(1), 25-39.
Wen, Y. (2019, October). Research and design of ERP system for small and medium-sized enterprises under great intelligence mobile cloud. In IOP Conference Series: Materials Science and Engineering (Vol. 646, No. 1, p. 012036). IOP Publishing.
Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of financial economics, 105(3), 581-606.
Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. MIT press.
Wooldridge, J. M. (2015). Introductory econometrics: A modern approach. Cengage learning.
Wry, T., Cobb, J. A., & Aldrich, H. E. (2013). More than a metaphor: Assessing the historical legacy of resource dependence and its contemporary promise as a theory of environmental complexity. Academy of Management annals, 7(1), 441-488.
Yang, J., & Luo, P. (2020). Review on international comparison of carbon financial market. Green Finance, 2(1), 55-74.
Yang, L., Qin, H., Gan, Q., & Su, J. (2020). Internal control quality, enterprise environmental protection investment and finance performance: An empirical study of China’s a-share heavy pollution industry. International Journal of Environmental Research and Public Health, 17(17), 6082.
Yasser, Q. R., Al Mamun, A., & Ahmed, I. (2017). Corporate social responsibility and gender diversity: Insights from Asia Pacific. Corporate Social Responsibility and Environmental Management, 24(3), 210-221.
Zahra, S. A., & Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of management, 15(2), 291-334.
Zhang, M., & He, S. (2020). Informal property rights as relational and functional: Unravelling the relational contract in China's informal housing market. International Journal of Urban and Regional Research, 44(6), 967-988.

In-Text Citation: (Zhou et al., 2023)
To Cite this Article: Zhou, J., Ong, T. S., Ashhari, Z. M., & Sabarina Mohammed Shah, Z. W. (2023). Moderating Role of Internal Control between the Gender Diversity and Board of Director for Financial Performance of State-owned Enterprises in China. International Journal of Academic Research in Business and Social Sciences, 13(8), 1624 – 1651.

Copyright: © 2023 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non0-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode