Gender Combinations in Different Management Roles and Their Effects on R&D in Emerging Markets

In this study, we use manufacturing firms listed on the Chinese stock exchange to demonstrate the effects of gender on research and development investment. The results show that male leaders have a stronger incentive to take risks, whereas female leaders are more risk-averse. However, female leaders are better recognized by the market for their monitoring roles. The results show that male chairpersons and female general managers are an effective combination. Additionally, the shares held by the chairperson and general manager reduce Research and Development Investment (R&D) over investment when both positions are held by males. However, since female managers are prudential and efficient in research decision-making, the shares held by chairpersons and general managers increase female managers’ research investment, indicating that they are confident in their research decisions. We contribute to the current literature by separating the roles of the chairperson and general manager functions in business operations within a gender-effect analytical framework. The results may provide both theoretical and practical value for management.