She-E-Os and the Cost of Debt: Do Female CEOs Pay Less for Credit?

Usman Muhammad, Farooq Muhammad Umar (), Zhang Junrui, Makki Muhammad Abdul Majid and Sun Junqin
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Usman Muhammad: Xi’an Jiaotong University, School of Management, Xi'an, China
Farooq Muhammad Umar: Xi’an Jiaotong University, School of Management, Xi'an, China
Zhang Junrui: Xi’an Jiaotong University, School of Management, Xi'an, China
Makki Muhammad Abdul Majid: The Islamia University of Bahawalpur, Department of Commerce, Bahawalpur, Pakistan
Sun Junqin: Xi’an Jiaotong University, School of Management, Xi'an, China

The B.E. Journal of Economic Analysis & Policy, 2019, vol. 19, issue 1, 7

Abstract: Does the CEO’s gender matter to lenders? Using data from 2006 to 2015 for listed companies in China, we find reliable evidence that lenders charge firms led by female CEOs (She-E-Os) less for debt than they do from firms led by male. In addition, we find that the leadership structure of state-owned enterprises (SOEs) also matters to lenders because SOEs with female CEOs have lower cost of debt than do those with male CEOs. Our findings remain consistent after controlling for endogeneity issue.

Keywords: CEO gender; cost of debt; creditors; government ownership (search for similar items in EconPapers)
JEL-codes: J16 O16 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1515/bejeap-2018-0177

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