Atif, Muhammad and Liu, Benjamin and Huang, Allen (2019) Does board gender diversity affect corporate cash holdings? Journal of Business Finance and Accounting, 46 (7-8). pp. 1003-1029. DOI https://doi.org/10.1111/jbfa.12397
Atif, Muhammad and Liu, Benjamin and Huang, Allen (2019) Does board gender diversity affect corporate cash holdings? Journal of Business Finance and Accounting, 46 (7-8). pp. 1003-1029. DOI https://doi.org/10.1111/jbfa.12397
Atif, Muhammad and Liu, Benjamin and Huang, Allen (2019) Does board gender diversity affect corporate cash holdings? Journal of Business Finance and Accounting, 46 (7-8). pp. 1003-1029. DOI https://doi.org/10.1111/jbfa.12397
Abstract
This paper examines whether board gender diversity affects corporate cash holdings using S&P 1,500 index firms in the US for the period 2006–2015. We document a significantly negative relationship between board gender diversity and cash holdings. We also find a strong negative effect of female independent directors consistent with monitoring function. Moreover, in accordance with the critical mass theory, we find a negative effect of female directors’ presence and voice on cash holdings. Our findings are robust to alternative econometric specifications, alternative measures of cash holdings and corporate governance, difference‐in‐differences, propensity score matching, and two‐stage least squares. This study offers useful insights to the current global debate on gender diversity and its implications for firms.
Item Type: | Article |
---|---|
Additional Information: | Source info: Atif, M., Liu, B., and Huang, A. (2019). Does Board Gender Diversity Affect Corporate Cash Holdings? Journal of Business Finance and Accounting, Forthcoming |
Uncontrolled Keywords: | cash holdings; corporate governance; gender diversity |
Subjects: | H Social Sciences > HF Commerce > HF5601 Accounting |
Divisions: | Faculty of Social Sciences Faculty of Social Sciences > Essex Business School |
SWORD Depositor: | Unnamed user with email elements@essex.ac.uk |
Depositing User: | Unnamed user with email elements@essex.ac.uk |
Date Deposited: | 16 Jul 2019 12:19 |
Last Modified: | 07 Aug 2024 18:41 |
URI: | http://repository.essex.ac.uk/id/eprint/24983 |
Available files
Filename: jbfa.12397.pdf