Are female CFOs trailblazers or sustainers? Evidence from industry growth prospects in China

Danni Han, Qiang Liu, Zi Wei and Ying Hao

Asia-Pacific Journal of Accounting & Economics, 2022, vol. 29, issue 4, 1004-1024

Abstract: This paper examines the effect of female corporate financial officers (CFOs) on corporate financial policies in industries with different rates of growth. In general, we find that female CFOs in China show more risk aversion and conservatism across a broad set of financial decisions. Furthermore, we document that female CFOs emphasize different corporate financial policies in high-growth versus low-growth industries. We find that female CFOs emphasize restraint in expansion decisions in high-growth industries but attach more weight to efficiency management in low-growth industries. Finally, we find that the conservative characteristics of female CFOs are more beneficial for financial performance in low-growth industries. Our findings enhance understanding of female CFOs’ roles under different growth conditions in emerging markets.

Date: 2022
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DOI: 10.1080/16081625.2020.1847150

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Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

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