Female CEOs and green innovation

This study examines the effects of female CEOs on green innovation. Drawing on contingency theory, we also investigate the moderating effect of state ownership, regional development, firm size, and industry type on the relationship between female CEOs and green innovation. Using data on Chinese non-financial companies listed on the Shanghai and Shenzhen stock exchanges from 2008 to 2016 (amounting to 9997 firm-year observations), we find reliable evidence that female CEOs are greener than their male counterparts. We find that female CEOs working in state-owned firms and firms located in more developed regions are more likely to promote green innovation than those working in non-state-owned firms and firms located in less developed regions. We also find that the positive effect of female CEOs on green innovation is more pronounced among firms that are large and belong to environmentally sensitive industries.