CEO gender and risk aversion: Further evidence using the composition of firm’s cash

Autor:	Thanh D. Nguyen, Hari P. Adhikari, Marcin W. Krolikowski, James Malm, Nilesh B. Sah
Rok vydání:	2022
Předmět:	Shareholder Risk aversion Cash holdings Cash media_common.quotation_subject Agency (sociology) Business Monetary economics Composition (language) Finance media_common
Zdroj:	Journal of Behavioral and Experimental Finance. 33:100595
ISSN:	2214-6350
DOI:	10.1016/j.jbef.2021.100595
Popis:	Recent studies suggest that the conventional measure of cash holdings used to capture managerial risk-aversion may be inadequate. Using a new measure of physical cash, which adequately captures managerial risk-aversion, we deduce that female CEOs exhibit risk-aversion not only by maintaining higher physical cash levels but also by adopting risk-reducing policies. These risk-averse policies may be detrimental for some shareholders (despite evidence that female executives reduce agency conflicts) and they may impact the demand for female CEOs in the CEO labor markets. Our results are robust and lend support to the contention that female risk-aversion exists even beyond the “glass-ceiling”.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::94400d1106852acdf23d465bb4f99ffa https://doi.org/10.1016/j.jbef.2021.100595 Zobrazit plný text záznamu Full Text from ScienceDirect