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Pacific-BasinFinanceJournal39(2016)141–158ContentslistsavailableatScienceDirectPacific-BasinFinanceJournaljournalhomepage:www.elsevier.com/locate/pacfinGenderdiversity,statecontrol,andcorporaterisk-taking:EvidencefromChina☆KarrenLee-HweiKhawa,JingLiaob,⁎,DavidTripeb,UdomsakWongchotibaUniversitiUtara,MalaysiabSchoolofEconomics&Finance,MasseyUniversity,NewZealandarticleinfoabstractArticlehistory:Corporaterisk-takingactivitiesamongChinesecorporationsgenerallyincreasewiththepres-Received23September2015enceofmale-onlyboardsbutaremitigatedbystateownership.ThepositiverelationbetweenReceivedinrevisedform2June2016corporaterisk-takingandmaledominanceinboardroomsbecamemoreprominentaftertheAccepted9June2016GovernmentreduceditsownershipcontrolfollowingtheNon-TradableShare(NTS)reformAvailableonline11June2016launchedin2005.Thereductionincorporaterisk-takingthroughstateownershiptendstoweakenaftertheNTSreform.OurresultsarerobusttoendogeneityissuesandhighlighttheKeywords:benefitofgenderdiversityinalleviatingexcesscorporaterisk-takingbehavior,especiallyinCorporategovernancecountrieswithrelativelyweakeroverallinvestorprotection.Risk-taking©2016ElsevierB.V.Allrightsreserved.Male-onlyboardsGenderdiversity1.IntroductionCorporaterisk-takingactivitiesprincipallyreflectthespiritofcapitalism.WhilethedeterminantsandconsequencesoftheseactivitieshavebeenrecentlyexaminedintheUSandotherdevelopedmarketsworldwide(seeforexample,Bargeronetal.,2010;Faccioetal.,2011;Johnetal.,2008;Lietal.,2013;amongothers),littleattentionhasbeenpaidtotheseissuesinemergingmarkets.Wefillthisgapintheliteraturebystudyingtheinter-relationshipsbetweengenderdiversityintheboardroom,stateownershipandcorporaterisk-takinginChina.TherearetworeasonswhyChinaprovidesaparticularlyinterestingsettingtoexaminetheaboveissuesinanemergingmar-ket.First,Chinesecorporationsrepresentaclearcaseofmaledominanceintheboardrooms.Wereportpreliminarystatisticsthat39.17%ofoursamplefirmshavemale-onlyboards.Theaveragepr
