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Purpose-This paper proposes an examination of the relationship between female participation in top management teams and firm performance in the emerging Chinese private economy. It aims to examine the direct link between female participation in top management teams and firm performance. This is examined in the context of human capital and social capital associated with female top executives to investigate the origins and the contingencies of the linkage. Design/methodology/approach-Drawing on resource dependence theory, the study develops and tests a set of hypotheses regarding the key relationships, using the data of listed private-owned companies in China's security exchanges in 2008, with critical information on financial performance, corporate governance structure and the top management team composition of the companies. Regression analyses are conducted to test the direct relationship and the moderating effects. Findings-The empirical analysis supports a positive relationship between the degree of female participation and firm performance in Chinese privately owned companies. The positive relationship is further strengthened by female top executives' human capital and social capital, consistent with the hypotheses. Research limitations/implications-The present study gains consistent results with research conducted in the Western context, suggesting that the top management behavior of Chinese private enterprises is similar to that of their Western counterparts, possibly due to the fact that they are less influenced by direct governmental control and are more profit-driven than state-owned companies. Practical implications-The results of the study suggest that Chinese private companies can gain competitive advantages through identifying, attracting, and developing female managerial talents. And the female executives in the new era should be ones with systematic education and strong social connections. Both factors facilitate female executives to contribute better to their companies' performance. Originality/value-The contribution of the present study is twofold. First, drawing on extant literature in the Western business context, the present study is the first to examine how female participation in top management influences firm performance in the context of the Chinese private sector, which contributes to the understanding of and offers insights to Chinese managerial practices. Second, the study enriches the extant literature by examining the moderating effects of female executives' human and social capitals.

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