Female executives and corporate cash holdings
- 9 October 2017
- journal article
- research article
- Published by Taylor & Francis in Applied Economics Letters
- Vol. 25 (13) , 958-963
Abstract
I find that firms led by female top executives hold more cash, partly due to precautionary motives. To overcome endogeneity concerns, I employ several econometric techniques, including an instrumental variable analysis based on a historical event that resulted in a plausibly exogenous variation in the female workforce participation. Overall, my results are consistent with the view that greater risk-aversion leads female executives to hold more cash.Keywords
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