Women Executives and Corporate Investment: Evidence from the S&P 1500
In this paper, we examine the gender effect of top executives on corporate investment decisions. Malmendier and Tate (2005) provide a theoretical argument and empirical evidence to show that the corporate investment of overconfident CEOs is significantly more sensitive to cash flow, particularly in equity-dependent firms. The social psychology and behavioral finance literatures suggest that men in general are more overconfident than are women. Using gender as a measure of relative overconfidence, we hypothesize that corporate investment of female executives should be less responsive to cash flow than should corporate investment of male executives, especially among equity-dependent firms. Using the executive gender data set from the S&P 1500, we find that the evidence is consistent with our hypotheses.
Women executives Overconfidence Investment-cash flow sensitivity Equitydependent firms
Winnie Qian Peng K.C. John Wei
Department of Finance Hong Kong University of Science and Technology Clear Water Bay, Kowloon, Hong Kong
国际会议
成都
英文
1-48
2007-07-09（万方平台首次上网日期，不代表论文的发表时间）