Female executives, corporate life cycle and strategy preference: an empirical study based on text analysis

PurposeThis study aims to explore the impact of women's representation in competitive strategy preference across different corporate life cycles in China.Design/methodology/approachThis study uses panel data from Chinese listed firms (2009-2019) and conducts content analysis to assess female executives' influence on strategy preferences across the corporate life cycle. Probit estimation validates the relationships.FindingsThe findings indicate that more female executives lead to increased adoption of differentiation strategies. Female senior management strongly influences strategic preferences, while female directors have limited impact. In the corporate life cycle, female executives do not significantly affect strategies in growth and decline but do affect them in mature firms. Regarding economic outcomes of digital transformation, both female executives and strategy preferences influence it significantly.Originality/valueTo the best of the authors' knowledge, this study is the first to use content analysis to explore female executives and strategy preferences from a dynamic perspective of the life cycle, distinguishing the differentiating roles of female leaders and female directors, and is also one of the early works that discuss the relationship between women and digital transformation.