Do Female Executives Reduce Audit Fees?——Moderating Effects Based on ESG Performance
This paper empirically examines the impact of female executives on corporate audit fees using empirical evi-dence from A-share listed companies in Shanghai and Shenzhen from 2010 to 2020.The study shows that companies with a high proportion of female executives can significantly reduce audit fees.Heterogeneity analysis finds that female execu-tives negatively affect audit fees in both state-owned and non-state-owned firms,and that female executives significantly reduce audit fees in larger-sized firms,while female executives are positively associated with audit fees in small-sized firms.Further analysis reveals that female executives affect audit fees through ESG performance,and the moderating effect of ESG performance is significantly negative in the subgroup regressions of non-private firms and larger firms,sug-gesting that in addition to audit fees being affected by female executives,the nature of the firm's property rights and its size both have an impact on auditing.The results remain significant after changing the sample size,Bootstrap self-help method,PSM and other robustness tests.
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