首席执行官的性别和对股东激进主义的反应

IF 3.2 3区 管理学 Q1 BUSINESS, FINANCE
Scott C. Jackson, Kristina M. Rennekamp, Blake A. Steenhoven
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引用次数: 0

摘要

最近的文献发现,由女性首席执行官领导的公司更有可能成为激进股东的攻击目标,而女性首席执行官也更有可能配合激进股东的要求。我们的研究对这些文献进行了补充,利用两个对照实验和一系列对首席执行官和首席财务官的半结构化访谈,研究首席执行官对股东激进主义的反应如何影响投资者的反应,以及这些反应是否因首席执行官的性别或对其反应的解释而有所不同。在第一个实验中,我们发现,如果女性首席执行官对股东激进主义采取不合作的回应而不是合作的回应,在首席执行官的回应没有任何解释的情况下,投资者对公司的评价是吸引力较低。相反,当男性首席执行官对股东激进主义采取合作性回应而非不合作性回应时,投资者对公司吸引力的评价较低。在第二个实验中,我们对首席执行官的回应进行了额外的解释,结果发现,当解释更具公共性(相对于代理性)时,投资者对女性首席执行官的不合作回应反应更为积极。通过对首席执行官和首席财务官的访谈,我们深入了解了当激进股东以公司为目标时,公司领导层的性别是如何发挥作用的。我们的研究结果共同表明,投资者在评估男性和女性高管对股东激进主义的反应时,会依赖于性别刻板印象,而这些评估会影响他们的投资判断。对于女性首席执行官比男性首席执行官更有可能与激进股东合作这一发现,我们的结果还提出了另一种可能的解释。与其说男女首席执行官在管理风格上存在固有差异,不如说他们对激进股东的反应可能至少部分是由于管理者预期他们会因为偏离性别陈规定型行为而受到投资者的惩罚。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

CEO gender and responses to shareholder activism

CEO gender and responses to shareholder activism

Recent literature finds that firms led by female CEOs are more likely to be targeted by activist shareholders and that female CEOs are more likely to cooperate with activist shareholders' requests. Our study complements this literature by using two controlled experiments and a series of semi-structured interviews with CEOs and CFOs to investigate how a CEO's response to shareholder activism influences investors' reactions and whether these reactions differ depending on the gender of the CEO or on how their response is explained. In the first experiment, we find that investors evaluate a firm as less attractive when a female CEO uses an uncooperative response rather than a cooperative response to shareholder activism, absent any explanation for the CEO's response. Conversely, investors evaluate a firm as less attractive when a male CEO uses a cooperative response rather than an uncooperative response. In the second experiment, where there is an added explanation for the CEO response, we find that investors react more positively to a female CEO's uncooperative response when the explanation is more communal (vs. agentic). Our interviews with CEOs and CFOs provide insights into how the gender of firms' leadership may play a role when activist shareholders target firms. Our results collectively suggest that investors rely on gender stereotypes when evaluating the responses of male and female executives to shareholder activism and that these evaluations affect their investment judgments. Our results also suggest a potential alternative explanation for the finding that female CEOs are more likely to cooperate with activist shareholders than are male CEOs. Rather than inherent differences in the management styles of male and female CEOs, responses to activist shareholders may be driven, at least in part, by managers anticipating that they will be penalized by investors for deviating from gender-stereotypical behavior.

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来源期刊
CiteScore
6.20
自引率
11.10%
发文量
97
期刊介绍: Contemporary Accounting Research (CAR) is the premiere research journal of the Canadian Academic Accounting Association, which publishes leading- edge research that contributes to our understanding of all aspects of accounting"s role within organizations, markets or society. Canadian based, increasingly global in scope, CAR seeks to reflect the geographical and intellectual diversity in accounting research. To accomplish this, CAR will continue to publish in its traditional areas of excellence, while seeking to more fully represent other research streams in its pages, so as to continue and expand its tradition of excellence.
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