Does Gender Promote Ethical and Risk-Averse Behavior among CEOs? An Illustration through Related-Party Transactions

M.U. Farooq, Kun Su, Sabri Boubaker and A. Ali Gull
Additional contact information
M.U. Farooq: NPU - Northernwest Polytechnical University [Xi'an]
Kun Su: NPU - Northernwest Polytechnical University [Xi'an]
A. Ali Gull: ESSCA - ESSCA – École supérieure des sciences commerciales d'Angers = ESSCA Business School

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Abstract: This study provides direct evidence of whether female CEOs are more ethical or risk-averse by investigating the relationship between female CEOs and related-party transactions (hereafter RPTs). Using a sample of Chinese listed firms over 2005-2018, we find evidence that female CEO firms engage in fewer RPTs, suggesting that female CEOs are not only risk-averse but also more ethical. Moreover, we show that firm performance increases when these firms allow RPTs, suggesting that female CEOs are less likely to allow opportunistic RPTs. Finally, we find that negative association between female CEOs and RPTs is more pronounced in firms more likely to use RPTs (i.e., state-owned enterprises). \textcopyright 2022 Elsevier Inc.

Keywords: Ethical; Female CEOs; Risk-averse; RPTs (search for similar items in EconPapers)
Date: 2022
Note: View the original document on HAL open archive server: https://normandie-univ.hal.science/hal-04452672v1
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Citations: View citations in EconPapers (5)

Published in Finance Research Letters, 2022, 47, ⟨10.1016/j.frl.2022.102730⟩

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Journal Article: Does gender promote ethical and risk-averse behavior among CEOs? An illustration through related-party transactions (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04452672

DOI: 10.1016/j.frl.2022.102730

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