 CEO gender and corporate cash holdings. Are female CEOs more conservative?Sanyun Zeng and Lihong Wang Asia-Pacific Journal of Accounting & Economics, 2015, vol. 22, issue 4, 449-474 Abstract: In this paper, we empirically investigate how CEO gender affects corporate cash holdings and the over-investment of free cash flow among Chinese listed firms. Thereby, we utilize a sample of 468 listed firms with female CEOs and a matched sample of firms with male CEOs during 2007-2011. We then make a distinction between listed SOEs and non-SOEs in China. The empirical results show that female CEOs are associated with a higher level of corporate cash holdings, especially in Chinese listed non-SOEs. Compared with their male counterparts, female CEOs are more concerned with the precautionary motive of cash, while they care less about the opportunity cost of cash. Besides, we find that female CEOs moderate the over-investment problem of free cash flow, again indicating that they are more conservative than their male counterparts. The latter finding is more pronounced in the subsample of Chinese listed SOEs. Date: 2015 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:raaexx:v:22:y:2015:i:4:p:449-474 Ordering information: This journal article can be ordered from DOI: 10.1080/16081625.2014.1003568 Access Statistics for this article Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan More articles in Asia-Pacific Journal of Accounting & Economics from Taylor & Francis Journals |
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