刊名：Production and Operations Management

发表时间：2026.07

论文介绍：

董事会性别多元化是否会影响企业的供应链风险管理，是运营管理与公司金融交叉研究中的重要问题。既有文献主要关注董事会性别构成对资本结构、现金持有、并购与雇佣等公司政策的影响，而较少考察其如何改变可量化、失败高度可见的运营风险决策。本文以加利福尼亚州董事会性别多元化法案（Senate Bill 826）作为外生冲击：该法要求总部在加州的上市公司在2019年底前至少配备一名女性董事，并在2021年底前按董事会规模进一步提高女性董事人数，使加州成为美国迄今唯一通过强制性董事会性别配额的州。作者据此识别董事会女性代表增加后，买方企业的供应链风险管理是否发生变化。

研究以2018–2021年美国非金融上市公司为样本，处理组为2017年总部在加州的买方（326家），对照组为其他州买方（1,551家）。供应链风险管理用三项指标衡量：其一，从SEC EDGAR年报解析的采购承诺（purchase obligations），即锁定未来采购数量与价格、对冲价格波动与供应不确定性的约束性合同；其二，利用Panjiva进口微观数据构造的主要进口品地理来源区域数，衡量供应链地理分散；其三，结合FactSet Relvere供应链关系与财务杠杆，识别高违约风险供应商被中断合作的倾向。识别策略为双重差分，并控制企业、年份、行业×年份以及特拉华注册×年份固定效应，标准误在总部所在州层面聚类。

研究发现，法案实施后，加州买方使用采购承诺的倾向相对对照组上升3.1%，主要进口品来源区域数上升约3.3%，高违约风险供应商被中断的概率上升2.2%。效应在改革前女性董事不足法定要求、女性董事任期更长、以及新任女性董事具有运营或供应链背景的企业中更大，支持董事会性别多元化是运营政策变化的渠道。结果在剔除2020年、按疫情冲击分组、使用改革前十年一般回归、倾向得分匹配以及商品套保与重复采购承诺等替代因变量时保持稳健。总体而言，本文表明强制性董事会性别多元化能够强化企业对供应链风险的关注，并提高盈利能力；即使没有配额约束，促进董事会多元化的公司政策也可能带来有利于股东的运营调整。该研究拓展了董事会构成真实效应、供应链风险管理与运营战略中人力资本作用的相关文献。

论文摘要：

How does corporate board gender diversity affect supply chain risk management? Board gender diversity can influence supply chain risk management through behavioral and agency-based mechanisms. Female directors’ greater risk aversion, lower overconfidence in the face of uncertainty, and heightened accountability pressures may lead to stronger oversight and risk mitigation efforts in operations, where risks are quantifiable and failures are highly visible. Therefore, we should expect supply chain risk management to increase with increased women representation in corporate boards. We test this prediction leveraging on a reform requiring California firms to increase board gender diversity. We find that the propensity to use purchase obligations, supply contracts designed to mitigate the risk of future price fluctuations and reduce procurement uncertainty, increased for California buyers following the reform. We also find that California buyers increased their geographic supply chain diversification and became more likely to discontinue relationships with high-default risk suppliers after the reform. These changes are larger when female directors are better positioned to influence corporate decisions, contributing to validate board gender diversity as an important channel for operational changes. The takeaway for corporate leaders, policy-makers, and shareholders is that board gender diversity can lead to a greater focus on supply chain risk management, which increases profitability.

DOI：10.1177/10591478251412030

作者：Karca D. Aral, Erasmo Giambona, Ricardo Lopez A, Ye Wang（王叶）。Production and Operations Management, 2026, Vol. 35(7): 2718–2736。收稿日期 2024-12-11，接受日期 2025-12-11。