Women in C-suite: Does Top Management Team gender diversity matter? Evidence from firm investment efficiency

被引：1
作者：
Chowdhury, Md Raihan Uddin [1 ]
Ul Alam, Md Asif [2 ]
Devos, Erik [3 ]
Chy, Md Kamrul Hasan [4 ]
机构：
[1] Illinois State Univ, Coll Business, Dept Finance Insurance & Law, 100 N Univ St, Normal, IL 61790 USA
[2] Kutztown Univ Penn, Coll Business, Dept Business Adm, 15200 Kutztown Rd, Kutztown, PA 19530 USA
[3] Univ Texas El Paso, Woody L Hunt Coll Business, Dept Econ & Finance, 500 W Univ Ave, El Paso, TX 79968 USA
[4] Univ Cent Arkansas, Coll Business, Dept Comp Informat Syst & Analyt, 201 Donaghey Ave, Conway, AR 72035 USA
来源：
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2024年 / 96卷
关键词：
Investment efficiency; Female non-CEO executives; Market competition; Industry downturns; Managerial ability; FEMALE BOARD REPRESENTATION; FINANCIAL-REPORTING QUALITY; MANAGERIAL ABILITY; PANEL-DATA; CORPORATE-FINANCE; AGENCY COSTS; PERFORMANCE; RISK; SPECIFICATION; COMPETITION;
D O I：
10.1016/j.irfa.2024.103571
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Firms with relatively more female executives in their top management team exhibit superior investment efficiency. Economically, female non-CEO executives increase investment efficiency by almost 11 % of the crosssectional mean of our investment efficiency measure. Further analysis shows that this increase in efficiency is driven by the reduction in both overinvestment and underinvestment. In addition, efficiency is more pronounced in less competitive markets, during industry shock periods, and in firms with less competent or outsider CEOs. Our findings highlight that women in C-suite play a significant positive role in effective investment decisionmaking.
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页数：14
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