Abstract
ABSTRACT This study examines whether CFO gender is associated with corporate cash holdings in the context of China, one of the largest emerging market countries. We find that firms with female CFOs have more cash holdings than those with male CFOs. Next, we find that the positive relationship between female CFOs and cash holdings is less pronounced in firms with high financial leverage than those with low financial leverage. We further find that the negative moderating effect of financial leverage on the relationship between female CFOs and cash holdings is stronger for firms with a lower presence of female board members. Our main result is robust to an alternative measure of cash holdings and endogeneity concerns. This study provides meaningful implications for developing and emerging market countries by elucidating the relationship between female CFOs and cash holdings. The empirical evidence can also help shareholders and bondholders better understand the female CFO—cash holdings nexus in light of financial leverage and the presence of female board members.
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