Abinzano Guillén, María Isabel

Profile Picture

Email Address

person.page.identifierURI

https://academica-e.unavarra.es/handle/2454/48436

Birth Date

Job Title

Last Name

Abinzano Guillén

First Name

María Isabel

person.page.departamento

Gestión de Empresas

person.page.instituteName

INARBE. Institute for Advanced Research in Business and Economics

ORCID

0000-0002-4658-8677

person.page.observainves

88665

person.page.upna

7240

Name

Filters

20231
Reset filters

Settings

Author: Garcés Galdeano, Lucía × Subject: Black-Scholes-Merton (BSM) model ×

Search Results

Now showing 1 - 1 of 1
  • Thumbnail Image
    PublicationOpen Access
    Female CEOs and default risk in listed family firms
    (Emerald, 2023) Abinzano Guillén, María Isabel; Garcés Galdeano, Lucía; Martínez García, Beatriz; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
    Purpose: The purpose of this paper is to examine the effect of female CEO board members on listed family firms’ corporate default risk, integrating upper echelons theory with social role theory and the socio-emotional wealth approach and proxying default risk with the Black–Scholes–Merton model. It also searches for possible differences attributable to the type of female CEO. Design/methodology/approach: This study is applied to a longitudinal sample of listed US family firms. After a preliminary analysis of the main descriptive, several models are estimated with the system GMM estimator, which is a panel data estimator. The models are dynamic, including the lagged value of the dependent variable. In addition, the model estimation is repeated with a different measure of default risk, for robustness. Findings: This research findings show that default risk diminishes in the presence of a female CEO, whose reduction is even greater if she is a family member. The results are proven to be robust to the measure for proxying default risk. Originality/value: This study primarily contributes to the existing literature by exploring a possible link between female CEOs, particularly those with a family affiliation, and a lower level of default risk in family firms. It also provides practical implications for policymakers, who would be advised to promote conditions enabling women to contribute towards family business viability. In addition, this study offers encouragement for family business owners to value the potential of their female family members in company succession processes.