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How female directors help firms to attain optimal cash holdings

Author

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  • Tosun, Onur Kemel
  • El Kalak, Izidin
  • Hudson, Robert
Abstract
Is female board representation helpful for firms attaining optimal cash holdings? We address this question using data on 1163 US-listed firms for 2000‐–2017. We show that if there are more female directors on firm boards, ceteris paribus, there is no effect on excess cash holdings implying that female directors are not inclined to be particularly cautious or optimistic. However, in the presence of overly confident CEOs, having more female directors on the board counteracts the tendency of such CEOs to reduce cash holding below an optimal level. Thus, female board representation enhances corporate decision making through effective monitoring and thus, taming CEOs' biased behavior.

Suggested Citation

  • Tosun, Onur Kemel & El Kalak, Izidin & Hudson, Robert, 2022. "How female directors help firms to attain optimal cash holdings," International Review of Financial Analysis, Elsevier, vol. 80(C).
    • Handle: RePEc:eee:finana:v:80:y:2022:i:c:s105752192200014x
    DOI: 10.1016/j.irfa.2022.102034
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    More about this item

    Keywords

    Female directors; Excess cash; CEO overconfidence; Effective monitoring; Board diversity;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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