{"title":"女性首席执行官在资本结构决策和企业价值优化方面的作用","authors":"Ni Nyoman Ayu Diantini","doi":"10.24843/ejmunud.2022.v11.i07.p05","DOIUrl":null,"url":null,"abstract":"We extend the literature on how managerial trait relates to corporate financing decisions by documenting that firms run by female CEOs have lower leverage than otherwise similar firms run by male CEOs. We employ a database containing firms listed on Indonesia Stock Exchange from 2008 to 2021. The results are robust in controlling for the variable of firm maturity and corporate governance. We further document that this risk-avoidance behaviour of female CEO appears to lead to distortions in the value maximisation process. However, risk-averted female CEO in a small size company optimise corporate firm value more than in a big size company. These results have important economic implications for long-term corporate growth \n \nKeywords: Leverage, Female CEO, capital structure, firm value, firm size \n ","PeriodicalId":167438,"journal":{"name":"E-Jurnal Manajemen Universitas Udayana","volume":"13 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2022-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"PERAN CEO PEREMPUAN DALAM KEPUTUSAN STRUKTUR MODAL DAN OPTIMASI NILAI PERUSAHAAN\",\"authors\":\"Ni Nyoman Ayu Diantini\",\"doi\":\"10.24843/ejmunud.2022.v11.i07.p05\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We extend the literature on how managerial trait relates to corporate financing decisions by documenting that firms run by female CEOs have lower leverage than otherwise similar firms run by male CEOs. We employ a database containing firms listed on Indonesia Stock Exchange from 2008 to 2021. The results are robust in controlling for the variable of firm maturity and corporate governance. We further document that this risk-avoidance behaviour of female CEO appears to lead to distortions in the value maximisation process. However, risk-averted female CEO in a small size company optimise corporate firm value more than in a big size company. These results have important economic implications for long-term corporate growth \\n \\nKeywords: Leverage, Female CEO, capital structure, firm value, firm size \\n \",\"PeriodicalId\":167438,\"journal\":{\"name\":\"E-Jurnal Manajemen Universitas Udayana\",\"volume\":\"13 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2022-07-26\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"E-Jurnal Manajemen Universitas Udayana\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.24843/ejmunud.2022.v11.i07.p05\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"E-Jurnal Manajemen Universitas Udayana","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.24843/ejmunud.2022.v11.i07.p05","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
PERAN CEO PEREMPUAN DALAM KEPUTUSAN STRUKTUR MODAL DAN OPTIMASI NILAI PERUSAHAAN
We extend the literature on how managerial trait relates to corporate financing decisions by documenting that firms run by female CEOs have lower leverage than otherwise similar firms run by male CEOs. We employ a database containing firms listed on Indonesia Stock Exchange from 2008 to 2021. The results are robust in controlling for the variable of firm maturity and corporate governance. We further document that this risk-avoidance behaviour of female CEO appears to lead to distortions in the value maximisation process. However, risk-averted female CEO in a small size company optimise corporate firm value more than in a big size company. These results have important economic implications for long-term corporate growth
Keywords: Leverage, Female CEO, capital structure, firm value, firm size
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