Maria Teresa Marchica on CEO Gender, Corporate Risk-Taking, and the Efficiency of Capital Allocation

Speaker:  Maria Teresa Marchica - University of Manchester
  Wednesday, October 2, 2013 at 12:30 PM Aula E, Palazzo di Economia

 We show that CEO gender helps explain corporate decision making. In particular, we document that firms run by female CEOs have lower leverage, less volatile earnings, and a higher chance of survival than firms run by male CEOs. The results are robust to various tests for endogeneity, including firm fixed effects and change specifications, propensity score matching, a switching regression analysis with endogenous switching, and a treatment effects model. We further document that this risk-avoidance behavior appears to lead to distortions in the capital allocation process. These results have important macroeconomic implications for long-term economic growth. 

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Paper  pdfpdf (it, 723 KB, 17/09/13)

Programme Director
Giam Pietro Cipriani

Publication date
September 17, 2013

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