Female executives and corporate cash holdings

Binay K. Adhikari

Applied Economics Letters, 2018, vol. 25, issue 13, 958-963

Abstract: I find that firms led by female top executives hold more cash, partly due to precautionary motives. To overcome endogeneity concerns, I employ several econometric techniques, including an instrumental variable analysis based on a historical event that resulted in a plausibly exogenous variation in the female workforce participation. Overall, my results are consistent with the view that greater risk-aversion leads female executives to hold more cash.

Date: 2018
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DOI: 10.1080/13504851.2017.1388904

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