期刊名称：Bank of Finland Research Discussion Papers (früher: Bank of Finland Discussion Papers)
印刷版ISSN：0785-3572
电子版ISSN：1456-6184
出版年度：2011
卷号：2011
出版社：Suomen Pankki = Bank of Finland
摘要：Motivated by recent studies that show female CFOs are more risk averse than
male CFOs when making various corporate decisions, we examine whether banks
take into consideration the gender of CFOs when pricing bank loans. We find that
in our sample, firms under the control of female CFOs on average enjoy about
11% lower bank loan price than firms under the control of male CFOs. In
addition, loans given to female CFO-led companies have longer maturities and are
less likely to be required to provide collateral than loans given to male CFO led
companies. Our results are robust to a series of robustness tests, such as a firm and
year-fixed effect regression, a Heckman two-stage self selection model, a
propensity score match method and a differences-in-differences approach.
Overall, our results suggest that banks tend to recognize the role of female CFOs
in providing more reliable accounting information ex ante and reducing default
risk ex post, and grant firms with female CFOs lower loan price and more
favourable contract terms.
关键词：CFOs, gender, accounting information, bank loans
