Powerful female CEOs and the capital structure of firms

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance Pub Date : 2023-12-03 DOI:10.1016/j.jbef.2023.100879

Xiaohong Huang , Rezaul Kabir , Maximiliaan Willem Pierre Thijssen

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Abstract

This study examines the impact of female CEOs and their power on corporate debt usage. Adopting the framework of Finkelstein (1992), we distinguish different power dimensions to analyze a sample of 418 CEOs of non-financial U.S. listed firms over the time period of 2007–2015. We find that the leverage of firms run by female CEOs is not different from that of firms run by male CEOs. However, when firms experience a transition of male-to-female CEOs, we find some evidence of an increase in debt. Further analysis shows that the gender effect is associated with the type of power CEOs possess. Female CEOs with structural power (reflected by low frequency of board meetings) and prestige power (reflected by education from an elite university) tend to use more debt than their powerful male peers. We recommend that the gender effect needs to be studied together with the power CEOs hold.

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强势女性ceo与公司资本结构

本研究考察了女性ceo及其权力对公司债务使用的影响。本文采用Finkelstein(1992)的框架，区分不同的权力维度，对2007-2015年美国非金融类上市公司418名ceo样本进行分析。我们发现，女性ceo管理的企业的杠杆率与男性ceo管理的企业的杠杆率并无差异。然而，当公司的ceo由男变为女时，我们发现了债务增加的一些证据。进一步分析表明，性别效应与ceo拥有的权力类型有关。拥有结构性权力(体现在董事会会议频率较低)和声望权力(体现在名牌大学的教育程度)的女性首席执行官往往比有权势的男性同行使用更多的债务。我们建议，性别效应需要与ceo所拥有的权力一起研究。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Behavioral and Experimental Finance BUSINESS, FINANCE-

CiteScore

13.20

自引率

6.10%

发文量

审稿时长

69 days

期刊介绍： Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments. Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.