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The effect of board gender diversity on capital structure - an analysis of the S&P1500
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This study aims to analyze the effect of board gender diversity on capital structure and the impact of a change in CEO gender on leverage. Thus, S&P1500 companies are analyzed with a panel regression and difference-in-difference analysis considering complementary propositions of gender theories. The results show a positive relation between board gender diversity and change in CEO gender with leverage, a negative one with maturity and a non-significant one with cost of debt. These findings support other studies claiming that female executives are not more risk-averse than men and that they use leverage as a corporate governance instrument.
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Corporate finance Capital structure Gender