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Do CEO Gender and Marital Status Affect Firm’s R&D and Value? An Empirical Analysis Using Nonlinear Models

In: Encyclopedia of Finance

Author

Listed:
  • Keshab Shrestha

    (Monash University Malaysia)

  • Cheng-Few Lee

    (Rutgers University)

  • Abdul Ghafoor

    (Monash University Malaysia)

Abstract

This chapter reviews some nonlinear models used in corporate finance research. We also propose and empirically test some hypotheses regarding the effects of CEO gender and marital status on firm’s R&D investment and firm values. We find that there is no association between the R&D investment and CEO gender. Similarly, there is not an association between the R&D investment and CEO marital status. However, using the usual Tobin’s Q to represent the firm value, we find that both single CEO and male CEO enhance the firm value. We also find a nonlinear relationship between firm value and each of the two variables like firm size and institutional ownership. Finally, we find a significant positive association between the free cash flows and firm value but a significantly negative association between the firm value and leverage.

Suggested Citation

  • Keshab Shrestha & Cheng-Few Lee & Abdul Ghafoor, 2022. "Do CEO Gender and Marital Status Affect Firm’s R&D and Value? An Empirical Analysis Using Nonlinear Models," Springer Books, in: Cheng-Few Lee & Alice C. Lee (ed.), Encyclopedia of Finance, edition 0, chapter 73, pages 1685-1701, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-91231-4_73
    DOI: 10.1007/978-3-030-91231-4_73
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