"有色人种的现金价值更高吗？- 有色人种首席执行官产生的现金价值更高吗？

IF 2.1 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2024-10-05 DOI:10.1016/j.econlet.2024.112007

Gajanan Ganji , Arati Kale , Devendra Kale

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引用次数: 0

摘要

我们研究了首席执行官的种族对现金价值的影响。我们发现，有色人种首席执行官创造的现金价值更高。与白人首席执行官相比，有色人种首席执行官每持有 1 美元现金，就能多产生 1.04 美元。我们的结果对有色人种首席执行官的替代代用指标、模型规格变化、固定效应选择、子样本分析和匹配样本分析都是稳健的。由于有色人种首席执行官必须达到更严格的标准，我们推测，有色人种首席执行官很可能比白人首席执行官拥有更高的技能和/或表现出更强的信心，因为他们需要跨越更高的门槛。这使得这些首席执行官能够榨取更高价值的现金。因此，他们从持有的现金中榨取了更多的价值。

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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“Is cash better with color?” – Do CEOs of color generate higher value of cash?

We investigate the impact of CEO ethnicity on the value of cash. We find that CEOs of color generate higher value of cash. For each dollar held, CEOs of color generate an additional $1.04 compared to white CEOs. Our results are robust to alternative proxies for CEOs of color, changes to model specifications, fixed effect choices, sub-sample analysis, and matched sample analysis. Since CEOs of color have to meet more rigorous standards, we conjecture that it is likely that CEOs of color are more skilled and/or show higher confidence since they have a higher bar to cross than white CEOs. This allows such CEOs to extract higher value of cash. Hence, they juice more value out of cash held.

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来源期刊

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.