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The impact of CFO gender on corporate overinvestment

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  • Liu, Yin
  • Neely, Pamela
  • Karim, Khondkar

Abstract

Prior research indicates that males and females tend to respond differently in various decision settings. Two such behavioral characteristics, risk-taking attitudes and ethical leadership, are tied to corporate financial and investment decision-making. In this study, we examine the association between CFO gender and corporate investment efficiency, specifically, the extent of firm-level overinvestment. We find that the presence of a female CFO is significantly associated with a decreased level of corporate overinvestment. Robustness checks using alternative investment measures and controlling for CFO-, CEO-, and board-level factors provide consistent support to this main finding. Consistent with prior studies, we show that female executives are more cautious and risk-averse than their male counterparts when making various corporate decisions, and thus, may be more likely to act in shareholders' best interests. Our findings highlight that gender plays a role in corporate financial and investment decision-making.

Suggested Citation

  • Liu, Yin & Neely, Pamela & Karim, Khondkar, 2022. "The impact of CFO gender on corporate overinvestment," Advances in accounting, Elsevier, vol. 57(C).
    • Handle: RePEc:eee:advacc:v:57:y:2022:i:c:s0882611022000189
    DOI: 10.1016/j.adiac.2022.100599
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    More about this item

    Keywords

    CFO gender; Overinvestment; Investment efficiency; Risk preferences; Ethical leadership;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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