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Female directors, capital structure, and financial distress

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  • García, C. José
  • Herrero, Begoña

Abstract

The composition of the board of directors is highly relevant to a firm’s capital structure and likelihood of financial distress. This study builds on the complementary proposals of agency theory and gender theories based on gender-differential behavior. We examine whether the gender diversity of the board affects firms’ capital structure (leverage, cost of debt, and debt maturity) and likelihood of bankruptcy. For a sample of European firms over the period 2002 to 2019, we find that the percentage of women directors is the most influential board characteristic in terms of capital structure decisions. This characteristic is negatively related to leverage, cost of debt, and debt maturity. We also find that having a small and independent board with a high ratio of women directors reduces the likelihood of financial distress. However, CEO duality does not have a significant impact on the likelihood of financial distress or capital structure decisions.

Suggested Citation

  • García, C. José & Herrero, Begoña, 2021. "Female directors, capital structure, and financial distress," Journal of Business Research, Elsevier, vol. 136(C), pages 592-601.
    • Handle: RePEc:eee:jbrese:v:136:y:2021:i:c:p:592-601
    DOI: 10.1016/j.jbusres.2021.07.061
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    More about this item

    Keywords

    Corporate governance; Gender diversity; Board composition; Bankruptcy; Debt; Cost of debt;
    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
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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