Female CEOs and default risk in listed family firms
| dc.contributor.author | Abinzano Guillén, María Isabel | |
| dc.contributor.author | Garcés Galdeano, Lucía | |
| dc.contributor.author | Martínez García, Beatriz | |
| dc.contributor.department | Gestión de Empresas | es_ES |
| dc.contributor.department | Enpresen Kudeaketa | eu |
| dc.contributor.department | Institute for Advanced Research in Business and Economics - INARBE | en |
| dc.date.accessioned | 2024-05-15T15:09:35Z | |
| dc.date.available | 2024-05-15T15:09:35Z | |
| dc.date.issued | 2023 | |
| dc.date.updated | 2024-05-15T14:36:08Z | |
| dc.description.abstract | 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. | en |
| dc.description.sponsorship | The authors acknowledge the financial support of the Spanish Ministry of Science and Innovation (Grants PID2019-104304GB-I00/AEI/10.13039/501100011033, PID2020-115018RB-C31, and TED2021-132446B-I00 funded by MCIN/AEI/10.13039/501100011033 and by European Union NextGenerationEU/PRTR), and the Ramón Areces Foundation. | en |
| dc.format.mimetype | application/pdf | en |
| dc.identifier.citation | Abínzano, I., Garcés, L., Martínez, B. (2023) Female CEOs and default risk in listed family firms. Gender in Management, 38(8), 1135-1152. https://doi.org/10.1108/GM-01-2022-0030. | en |
| dc.identifier.doi | 10.1108/GM-01-2022-0030 | |
| dc.identifier.issn | 1754-2413 | |
| dc.identifier.uri | https://academica-e.unavarra.es/handle/2454/48129 | |
| dc.language.iso | eng | en |
| dc.publisher | Emerald | en |
| dc.relation.ispartof | Gender in Management 38(8), 2023, 1135-1152 | en |
| dc.relation.projectID | info:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2017-2020/PID2019-104304GB-I00/ES/ | |
| dc.relation.projectID | info:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica y Técnica y de Innovación 2017-2020/PID2020-115018RB-C31/ES/ | |
| dc.relation.projectID | info:eu-repo/grantAgreement/AEI//TED2021-132446B-I00/ | |
| dc.relation.publisherversion | https://doi.org/10.1108/GM-01-2022-0030 | |
| dc.rights | © 2023, Emerald Publishing Limited. | en |
| dc.rights.accessRights | info:eu-repo/semantics/openAccess | |
| dc.subject | Female CEOs | en |
| dc.subject | Listed family firms | en |
| dc.subject | Upper echelons theory | en |
| dc.subject | Black-Scholes-Merton (BSM) model | en |
| dc.title | Female CEOs and default risk in listed family firms | en |
| dc.type | info:eu-repo/semantics/article | |
| dc.type.version | info:eu-repo/semantics/acceptedVersion | |
| dspace.entity.type | Publication | |
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