{"title":"你的性别认同决定你是谁:女性ceo与公司债务结构","authors":"Qi Zhu, Yuxuan Huang, Chengyang Yan, Yeqin Zeng","doi":"10.2139/ssrn.3572752","DOIUrl":null,"url":null,"abstract":"We examine the implications of CEO gender for corporate debt structure. After controlling for endogeneity, firms with female CEOs issue less debt than firms with male CEOs. Although both risk aversion and overconfidence may serve as the channel of our main finding, we show that female CEOs being more risk averse is the underlying mechanism. Further, we find that the CEO gender effect is more pronounced for firms with younger CEOs, higher litigation risk, and more market competition. We also find that firms with female CEOs are more likely to keep positive debt capacity and have longer debt maturities.","PeriodicalId":321552,"journal":{"name":"Corporate Governance: Capital Raising","volume":"38 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2020-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Your Gender Identity Is Who You Are: Female CEOs and Corporate Debt Structure\",\"authors\":\"Qi Zhu, Yuxuan Huang, Chengyang Yan, Yeqin Zeng\",\"doi\":\"10.2139/ssrn.3572752\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We examine the implications of CEO gender for corporate debt structure. After controlling for endogeneity, firms with female CEOs issue less debt than firms with male CEOs. Although both risk aversion and overconfidence may serve as the channel of our main finding, we show that female CEOs being more risk averse is the underlying mechanism. Further, we find that the CEO gender effect is more pronounced for firms with younger CEOs, higher litigation risk, and more market competition. We also find that firms with female CEOs are more likely to keep positive debt capacity and have longer debt maturities.\",\"PeriodicalId\":321552,\"journal\":{\"name\":\"Corporate Governance: Capital Raising\",\"volume\":\"38 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2020-04-10\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Corporate Governance: Capital Raising\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3572752\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Governance: Capital Raising","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3572752","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Your Gender Identity Is Who You Are: Female CEOs and Corporate Debt Structure
We examine the implications of CEO gender for corporate debt structure. After controlling for endogeneity, firms with female CEOs issue less debt than firms with male CEOs. Although both risk aversion and overconfidence may serve as the channel of our main finding, we show that female CEOs being more risk averse is the underlying mechanism. Further, we find that the CEO gender effect is more pronounced for firms with younger CEOs, higher litigation risk, and more market competition. We also find that firms with female CEOs are more likely to keep positive debt capacity and have longer debt maturities.