A Study on the Effect of CEO's Gender on the Investment Decision of Institutional Investors

Abstract

Institutional investors have played an important role on the financial area, and the academic researchers have paid close attention to this investment group. A series of influencing factors of institutional investors' investment decision-making have become the research objects. From the perspective of entrepreneurs’ gender, this paper studies the impact of entrepreneurs’ gender on the institutional investors’ investment decisions. This paper selects data from listed companies on the GEM board to conduct empirical analysis, and analyzes the relationship between the institutional investors’ investment and the gender of entrepreneurs. To study what investment decisions will be made and whether the gender of entrepreneurs will be taken into account by institutional investment. The empirical results of this paper show that the gender of entrepreneurs will have an impact on the number of shares held by institutional investors, that is, compared with enterprises run by female entrepreneurs, enterprises dominated by male entrepreneurs have higher shareholdings of institutional investors. The results in this paper can enrich the researches on the institutional investors' investment decisions and the gender of entrepreneurs.