["Business Ethics, the Environment &Responsibility, EarlyView. ", "\nABSTRACT\nWhy is it often difficult for the advantages of female managers in emerging economy firms (EEFs) to be fully realized, and why do they sometimes become entangled in the whirlpool of bribery? How can their strengths be better leveraged? Drawing on a sample of listed companies in China, this study reaches the following conclusions. First, there is a significant positive association between the proportion of female managers and the level of bribery in EEFs. Second, this positive relationship is significantly weakened when EEFs receive more favorable performance feedback. Further analysis yields additional insights. First, the proportion of female managers in EEFs is positively associated with the firm's inclusive value‐sharing performance toward its internal and external stakeholders, yet this beneficial effect is substantially undermined by bribery. Second, government subsidies received by EEFs can significantly weaken the positive relationship between the proportion of female managers and bribery. Third, the central government's anti‐corruption initiatives have led to a decline in bribery. Overall, our findings suggest that performance pressure may erode the potential advantages female managers could otherwise bring in emerging markets. Based on these insights, we offer recommendations for both firm management and policymakers in emerging markets: fostering a more equitable environment for female managers can enhance the firm's broader, stakeholder‐oriented outcome and promote sustainable corporate success.\n"]