Abstract
We examine the effect of CEO gender on the relation between having no debt and firm performance on a sample of Italian firms. No debt is associated with higher performance for male-led firms but with lower performance for female-led firms. • Does CEO gender influence the relation between having no debt and firm performance? • We perform regressions at the firm-level on a large dataset of 54,000 firms. • No debt is associated with higher performance for male-led firms. • But no debt is associated with lower performance for female-led firms. • We explain these results by stereotypes and gender differences in management style.
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