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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