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Article Dans Une Revue Finance Research Letters Année : 2022

Does Gender Promote Ethical and Risk-Averse Behavior among CEOs? An Illustration through Related-Party Transactions

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This study provides direct evidence of whether female CEOs are more ethical or risk-averse by investigating the relationship between female CEOs and related-party transactions (hereafter RPTs). Using a sample of Chinese listed firms over 2005-2018, we find evidence that female CEO firms engage in fewer RPTs, suggesting that female CEOs are not only risk-averse but also more ethical. Moreover, we show that firm performance increases when these firms allow RPTs, suggesting that female CEOs are less likely to allow opportunistic RPTs. Finally, we find that negative association between female CEOs and RPTs is more pronounced in firms more likely to use RPTs (i.e., state-owned enterprises). \textcopyright 2022 Elsevier Inc.
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hal-04452672 , version 1 (22-07-2024)

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M.U. Farooq, Kun Su, S. Boubaker, A. Ali Gull. Does Gender Promote Ethical and Risk-Averse Behavior among CEOs? An Illustration through Related-Party Transactions. Finance Research Letters, 2022, 47, ⟨10.1016/j.frl.2022.102730⟩. ⟨hal-04452672⟩
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