Women CEOs and firm performance in the construction industry: evidence from Spain
| Autor: | Juan Francisco Martín-Ugedo, Antonio Mínguez-Vera, Carmen María Hernández-Nicolás |
|---|---|
| Rok vydání: | 2021 |
| Předmět: |
business.industry
media_common.quotation_subject 05 social sciences Accounting Building and Construction General Business Management and Accounting Construction industry Debt 0502 economics and business Architecture Business 050207 economics 050203 business & management Civil and Structural Engineering media_common |
| Zdroj: | Engineering, Construction and Architectural Management. |
| ISSN: | 0969-9988 |
| DOI: | 10.1108/ecam-09-2020-0701 |
| Popis: | Purpose The construction industry has traditionally been a male-dominated economic sector. Barely 10% of managers are women. On the other hand, this sector is considered an engine of the economy. For these reasons, it is important to examine the influence of women CEOs on financial variables of firms in the construction industry. Design/methodology/approach The empirical study is carried out using a sample from the Iberian Balance Sheet Analysis System record (“Sistema de Análisis de Balances Ibérico”, SABI). The sample includes 8,492 Spanish companies from the construction sector. The methodology employed is a three-stage least squares (3SLS) analysis. This methodology controls for the endogeneity of explanatory variables. It is employed in accordance with the peculiar characteristics of the sample, which includes data for only one year. Findings The results show that firms with a woman CEO have a lower level of debt, whatever the terms of the maturity of the debt are. In contrast to most previous evidence, firms managed by women are found to be less profitable. Originality/value The paper gives evidence of the influence of the CEO's gender on the performance (return and risk) of a firm. It provides original empirical evidence for the male-dominated construction sector. An extensive search identified no literature in which the researchers had focused on the construction industry. |
| Databáze: | OpenAIRE |
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