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  • Does board gender diversity affect corporate cash holdings?

    Author(s)
    Atif, Muhammad
    Liu, Benjamin
    Huang, Allen
    Griffith University Author(s)
    Liu, Benjamin
    Huang, Allen R.
    Year published
    2019
    Metadata
    Show full item record
    Abstract
    This paper examines whether board gender diversity affects corporate cash holdings using S&P 1500 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, ...
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    This paper examines whether board gender diversity affects corporate cash holdings using S&P 1500 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 into the current global debate on gender diversity and its implications for firms.
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    Journal Title
    Journal of Business Finance & Accounting
    Volume
    46
    Issue
    7-8
    DOI
    https://doi.org/10.1111/jbfa.12397
    Subject
    Accounting, auditing and accountability
    Banking, finance and investment
    Social Sciences
    Business, Finance
    Business & Economics
    cash holdings
    corporate governance
    Publication URI
    http://hdl.handle.net/10072/386754
    Collection
    • Journal articles

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