Female Chief Research Articles

Who Should Initiate shikamoo between Us?

Abstract It is widely assumed that shikamoo is the greeting that a young person is supposed to give an elder in multilingual Tanzania. But Makhuwa speakers in the Masasi District of Mtwara Region of Southern Tanzania observe an entirely different protocol in the use of this widely recognised salutation. Any person who is considered socially less powerful extends the greeting to a more powerful person, quite independently of age. Members of a Makhuwa community consider social status as determined by many factors other than age: female initiation, marriage, leadership role and other factors that emerge as specific within each interactional context are key in determining who should initiate a greeting and what greeting should be used. For example, a non-initiated woman, a wife, or a non-leader should extend shikamoo to an initiate, or to her husband, or to the mwenye ‘male chief’ or the apwia-mwene ‘female chief’. Moreover, shikamoo uttered as a greeting involves a variety of elements, which include kneeling for women, standing still for men. Someone who fails to observe these elements is considered discourteous and a rather serious social offence. However, male youths have become nonchalant in upholding these social amenities, marking a shift towards Kiswahili as the more modern and cosmopolitan public pose.

Social Equity in Municipally Owned Corporations: Do Women in the Boardroom Make a Difference to the Gender Pay Gap?

ABSTRACTRepresentative bureaucracy theory posits that the presence of less‐advantaged social groups in public leadership positions is an important driver of social equity among the recipients of public services and the public servants who provide them. To evaluate whether active representation can lead to improvements in social equity within arms‐length public service organizations, this article presents an analysis of the relationship between women in the boardroom and the gender pay gap in 102 large municipally owned corporations (MOCs) in England for a 6‐year period (2017–2022). The findings suggest that MOCs led by female chief executive officers (CEOs) have a lower pay gap between male and female employees. The presence of more women directors on MOC boards is also negatively related to the pay gap, especially in MOCs led by male CEOs. The findings highlight the importance of board gender representation to address social equity in arms‐length public service organizations.

Can female CEOs improve corporate environmental, social and governance performance?

Purpose In the context of the severe global challenges posed by climate and environmental issues, this paper aims to explore the connection between female Chief Executive Officers (CEOs) and the level of sustainable development in companies. This study aims to investigate the impact of female CEOs on corporate ESG performance and provide a detailed analysis of the underlying mechanisms. Design/methodology/approach This study uses a sample of listed companies from 2010 to 2021, as reported by Bloomberg. This study uses logit regression models to test hypotheses and conduct robustness tests using the generalized method of moments, propensity score matching and heckman two statge tests. Findings The research findings indicate that female CEOs can enhance a company’s ESG performance, primarily by elevating the level of green innovation and engaging in more philanthropic activities. When environmental uncertainty is high, the risk-averse attitude of female CEOs may diminish the enhancement of ESG performance. However, granting a higher proportion of equity to female CEOs incentivizes risk-taking, thereby strengthening the improvement of ESG performance. Further analysis reveals that the impact of female CEOs on ESG performance is more significant in non-state-owned enterprises, high-pollution industries, and companies with low financing constraints. Research limitations/implications The authors have shown that two key ways in which female CEOs enhance a company’s ESG performance are by increasing the level of green innovation and assuming more social responsibility. Nonetheless, this remains a shortcoming of this work, opening a door for future research to examine and enrich. There may be other possible mechanisms explaining the influence of female CEOs on corporate ESG performance. More research is warranted about the CEO’s additional traits, which were not considered in this study but may have an impact on a company’s ESG performance. Finally, while the analysis has delved into the moderating effects of external factors such as environmental uncertainty and CEO ownership on the influence of female CEOs on corporate ESG performance, there is room for exploring whether other factors also play a moderating role in future studies. Practical implications First, the findings of this study highlight the beneficial societal and economic effects of choosing female CEOs. The inclination to take on social responsibility and care for the environment are both higher among female CEOs. Furthermore, the authors have also discovered that female CEOs possess unique advantages in promoting corporate sustainability and enhancing ESG standards. This can contribute to breaking down stereotypes about gender roles in the workplace. Finally, this research shows that organizational heterogeneity and market risks have an impact on female CEOs’ capacity to improve company ESG performance. Originality/value A significant innovation of this paper lies in its unique focus on the connection between female CEOs and corporate ESG performance, along with the underlying mechanisms. Against the backdrop of sustainable development, the paper integrates social gender theory, upper echelon theory and agency theory into a comprehensive framework, shedding light on the influence of female CEOs on ESG performance and the associated mechanisms.

The Relationship Between Chief Financial Officer Gender and Investment Efficiency

Objective: This study aims to examine the relationship between the gender of the chief financial officer (CFO) and the efficiency of corporate investment, especially over-investment. Methods: The independent variable is the gender of the CFO and the dependent variable is over-investment. The research method is correlation type and multivariate regression using panel data with a logistic regression model approach. The data of manufacturing companies in the Tehran Stock Exchange has been collected from 2017 to 2021. Results: The findings of the research show that the presence of a female financial manager is significantly related to the reduction of the company's over-investment level, so gender plays a role in the economic decision-making and investment of companies. Conclusion: Female chief financial managers are more risk-averse compared to male chief financial managers and consider the interests of shareholders in the company’s economic decisions. Therefore, companies should pay special attention to gender diversity at the level of company managers in making decisions and economic investments.

Female chief financial officers (CFOs) and environmental decoupling. The moderating impact of sustainability board committees

AbstractThis study analyses the link between chief financial officer (CFO) gender and environmental decoupling. Moreover, the moderator effect of sustainability board committees is tested. Based on upper echelons theory, a sample of listed firms headquartered in the European Union (2312 firm‐year observations) from the business years 2017–22 is used. In line with the theoretical framework and based on correlation and regression analyses, CFO gender is significantly and negatively linked with environmental decoupling. The existence of sustainability board committees strengthens this relationship. The results are robust to various robustness tests and endogeneity checks. This study contributes to the increasing research activity on the influence of corporate governance on environmental decoupling. Future research should analyze specific environmental decoupling dimensions and the impact of other CFO characteristics (e.g., expertise) on environmental decoupling. Regarding the stakeholder concerns on corporate environmental decoupling in recent years, firms should increase the quality of their environmental reports to build up increased stakeholder relations. To the best of our knowledge, this is the first empirical study on the relationship between CFO gender and corporate environmental decoupling. Moreover, the moderator effect of sustainability board committees is included as an innovative complementary driver.

Female Leadership in Pediatric Ophthalmology: A Descriptive Analysis.

To examine female representation among current chiefs of pediatric ophthalmology services of academic medical centers and children's hospitals, as well as program directors of ophthalmology residency and pediatric ophthalmology fellowship programs in the United States. Data collection for this cross-sectional study occurred between December 2023 and February 2024, using publicly available sources to compile a list of academic medical centers and children's hospitals, as well as ophthalmology residency programs and pediatric ophthalmology fellowship programs that participated in the 2023-2024 San Francisco Match. Chi-squared analyses were performed using Excel 2021 software, where a P value less than .05 was considered statistically significant. Of the dedicated pediatric ophthalmology services across academic medical centers and children's hospitals in the United States, 38.3% (64/167) are led by a female chief. Female representation was greater at children's hospitals (40.0%, 36/90) than at academic medical centers (36.4%, 28/77), although no significant difference was observed (P = .69). Gender distribution was near equivalent at both academic training program levels, with slightly more female directors of fellowship programs (45.7%, 21/46) than ophthalmology residency programs (42.3%, 52/123) (P = .33). The authors report near equivalent female representation in the leadership of academic training programs at the residency and fellowship level. However, the proportion of female pediatric ophthalmology division chiefs lags behind the actual gender composition of the workforce. Given the increasing prevalence of female pediatric ophthalmologists, promotion of concordant representation in leadership is necessary to reflect the changing sociocultural landscape and to close the gender gap. [J Pediatr Ophthalmol Strabismus. 20XX;X(X):XX-XX.].

The effects of managerial gender and education on firm performance

The role of women has been increasingly affirmed as gender equality has become the norm, particularly when it comes to how firms should be managed. In addition, education instills knowledge that could change managerial perspectives, thus affecting the ways they manage firms. This study uses a dataset covering 617 non-financial firms listed on the Vietnamese stock market from 2010 to 2021 to examine the impact of managerial gender and education on firm performance, measured in accounting- and market-based values. The System Generalized Method of Moments was employed to address endogeneity and other defects normally associated with panel data. The results reveal that having female chief executive officers (CEOs) positively affects firms. Additionally, a CEO’s educational background positively affects both accounting- and market-based measures. The study provides new evidence of the positive effects of female CEOs and highly educated CEOs on firm performance compared with some extant studies in Vietnam. Based on the research findings, relevant suggestions are proposed regarding the welcoming features of CEOs in managing firms in Vietnam.

Exploring Transitivity System in the Speech of 1st Female Chief Minister Maryam Nawaz at her Oath Taking Ceremony

Exploring Transitivity System in the Speech of 1st Female Chief Minister Maryam Nawaz at her Oath Taking Ceremony

The Influence of Female Chief Executive Officer and Female Chief Financial Officer on Earnings Management in Manufacturing Companies in The Consumption Goods Industry Sector Registered on the BEI in 2021-2022

This research aims to analyze the influence of Female CEO and Female CFO on Earning Management. This research was conducted on consumer goods industrial sector companies listed on the IDX in 2021-2022, the sample was selected using a purposive sampling method and the data that passed the selection were 36 companies. The research results show that Female CEO (X1) has no significant effect on Earnings Management (Y). This is proven by using the t-value of 0.287 < t table 1.996 and a significant value of 0.775 > 0.05. Female CFO (X2) has no significant effect on Earnings Management (Y). This was proven using the t-value of |0.284| < ttable 1.996 and a significant value of 0.777 > 0.05. After that, Female CEO (X1) and Female CFO (X2) do not simultaneously influence Earning Management (Y). This result is proven by the F-value of 0.076 < Ftable and a significant value of 0.973 > 0.05

Does managerial myopia exacerbate firms excessive financialization? Evidence from Malaysia

PurposeThis study aims to examine the influence of managerial myopia on the excessive financialization behavior of listed firms on Bursa Malaysia.Design/methodology/approachThrough a sample of 313 firms from 2015 to 2021, the author examine whether managerial myopia promotes or inhibits corporate financialization. The author uses ordinary least squares and Logit as the baseline models and addresses potential endogeneity through the dynamic-panel generalized method of moments. The results are also robust to alternative measures of financialization and managerial myopia.FindingsThe results show a significant positive effect of managerial myopia on the excessive financialization of enterprises. Furthermore, the findings indicate that the impact of managerial myopia on the over-financialization of enterprises is more prominent in periods of low economic policy uncertainty. However, the relationship between excessive financialization and managerial myopia is weakened in the presence of female chief executive officers.Practical implicationsThe empirical results have useful policy implications. First, firms should establish scientific managerial assessment and supervision systems to avoid excessive financial investment behavior by myopic managers caused by assessments that place too much emphasis on short-term performance. Second, regulators and policymakers should encourage firms to appoint women to top management positions, which may inhibit short-sighted financialization behavior. Finally, the regulatory authorities should undertake the necessary measures driving companies to disclose the investment direction of the funds so that shareholders and investors can understand the use direction of the funds in a timely manner, which can effectively prevent the economy “from the real to the virtual” and promote the development of the real economy.Originality/valueThis paper expands the existing research on corporate financialization behavior and provides a new theoretical basis for the underlying factors of excessive financialization. It studies the influence of corporate financialization from the perspective of short-run managerial actions and deepens the understanding of managerial myopia and companies’ financialization levels.

Effects of female CEO and female CFO on internationalization and firm performance

PurposeThe study aims to examine the influence of female chief executive officer (CEO) and female chief financial officer (CFO) on the linkage between internationalization and firm performance.Design/methodology/approachThis study used 2926 firm-year observations of nonfinancial firms listed on the Pakistan Stock Exchange over the period 2012–2021. This study used ordinary least squares regression method to test the hypotheses, and additionally, generalized method of moments estimation and fixed effect analysis were used to check for the robustness of the results.FindingsUsing the framework of upper echelons theory and resource dependence theory, this study reports that internationalization has a positive impact on firm performance. Moreover, the results show that the presence of female CEO and female CFO strengthens the positive relationship between internationalization and firm performance. The results add to the gender diversity literature by highlighting the positive role of female CEOs and female CFOs on the internationalization and performance of firms in a male-dominated society.Originality/valueThis study adds to the limited literature on the internationalization of businesses in an emerging market and provides empirical support to upper echelons theory and resource dependence theory by highlighting the benefits brought to the firm through female CEOs and female CFOs.

Gender of firm leadership and environmental, social and governance (ESG) reporting: evidence from banks listed on Ghana Stock Exchange

PurposeThis study aims to examine how woman corporate leadership indicators and environmental, social and governance (ESG) disclosure in listed banks on Ghana Stock Exchange are related.Design/methodology/approachData was obtained from the audited annual reports of the banks for the period 2006–2020. Empirical result estimation was achieved using Panel Corrected Standard Errors.FindingsThe result revealed that female chief executive officer (CEO), female board chairperson and board gender diversity are associated with higher disclosure of ESG issues in listed banks in Ghana in overall terms. However, in terms of individual disclosures, female board chairperson positively impacts social disclosure, whereas both female CEO and female board chairperson affect governance disclosure positively.Research limitations/implicationsIn this era of business where there is much emphasis on green business and investment by various stakeholders for purposes of ensuring business legitimacy, the result implies that banks must consider females to occupy the positions of CEO and board chairperson since that can help to improve ESG performance of banks.Practical implicationsIn this era of business where there is much emphasis on green business, socially responsible investment and impact investment by various stakeholders, the result implies that banks must consider improving the representation of women in leadership since that can help to improve ESG performance of banks and hence ability to attract more investors.Originality/valueTo the best of the authors’ knowledge, this is the first study to provide empirical evidence from a developing country perspective in Sub-Saharan Africa that gender of bank leadership has implications for ESG disclosure.

Unraveling the impact of female CEOs on corporate bond markets

AbstractLittle is known about how executive gender shapes the inherent conflict of interest between shareholders and bondholders. Using a sample of almost 100,000 unique bond‐year observations, this study investigates how the appointment of female chief executive officers (CEOs) lowers the default outlook. Our evidence indicates that bond yield and bond volatility are significantly lower after a female takes the helm at a firm. This executive gender effect remains highly statistically and economically significant across various robustness checks and after addressing endogeneity concerns. Female CEOs lower the default risk component of the bond yield but have no material impact on the liquidity component. Subsample analysis substantiates the conditional effect of female CEOs on bond yield and bond volatility. Our evidence indicates that female CEOs’ risk‐averse attributes pass through the credit risk and information asymmetry channels.

The impact of female chief executive officers, ownership, and globalization on ASEAN manufacturers' technical efficiency performance

The premature deindustrialization of Association of Southeast Asian Nations(ASEAN) economies has impeded their development by restricting all prospects for growth, including economies of scale, human capital development, and worker productivity. In male-dominated industries, sexism and discrimination may prevent women from attaining leadership positions, especially in manufacturing. This is especially apparent where women are viewed as less technical in ASEAN manufacturing. Therefore, this study employs the beta regression model to examine the impact of female CEOs and those with ownership on the technical efficiency and performance of ASEAN manufacturers. The impact of economic globalization via foreign direct investment (FDI) and exports on technical efficiency is also examined in this study. FDIs are found to enhance ASEAN manufacturers’ technical efficiency. This study also found that firms operated by female CEOs are more technically efficient, implying that they prefer stewardship-driven management strategies over agency-driven approaches. Female CEOs with ownership are likely to decrease technical efficiency, confirming the entrenchment hypothesis that their interests are not aligned with shareholders’ interests. In addition, skilled labor, ISO certification, IT use, and firm size boost their technical efficiency.

Female chief officers and crime: evidence from England and Wales

Female chief officers and crime: evidence from England and Wales

Do female chief financial officers and female directors cooperate? Evidence from investment efficiency

PurposeThis paper aims to examine whether the cooperation between female chief financial officers (CFO) and the proportion of female directors would impact investment efficiency. The investigation is grounded in the increasing number of female top managers globally and the notion that female tends to cooperate more with other female than with male.Design/methodology/approachThis study uses publicly listed firms in Bursa Malaysia from 2016 to 2020, which yielded a sample of 2,022 firm-year observations. The authors used multivariate ordinary least square regression to test the relationship, and to correct for the selection bias, the Heckman selection and PSM test were used.FindingsThe authors find a positive relationship between female CFOs and investment efficiency. A higher proportion of female directors accentuates this result. The findings support the homophily argument that similar characteristics (gender) promote cooperation. This shows that cooperation between female CFOs and directors improves investment efficiency. The results suggest that the improvement in investment efficiency could relate to higher managerial discretion for female CFOs and their ability to collaborate with female directors. These results are robust to a series of additional endogeneity tests. The findings have important implications for policymakers and firms to encourage more appointments of females in top management positions.Originality/valueBy highlighting the cooperation between female CFOs and female directors, this study contributes to the understanding that cooperation among females improves investment efficiency.

Impacts of gender diversity on corporate performance: A study of board of directors and top management

The recent scandal of a woman tycoon in Vietnam manipulating the whole governance system of a big public bank challenges our traditional view of women’s minor role and revives the research question of whether female members of boards and top management do impact performance. This study examines the association between the gender diversity of a company’s board of directors and top management and its corporate performance controlled for corporate capabilities and other governance aspects. By analyzing 1,710 observations of 342 listed corporations in an emerging market of Vietnam, using generalized least squares (GLS) regression, the authors found that gender diversity in terms of female chief executive officer (CEO) presence, percentage of women on boards, and a minimum of three female board members have significant positive effects on corporate performance measured by return on assets (ROA). This research contributes to the literature on corporate board and governance by combining three theories, using critical mass theory at a higher level of hypothesis development, and finding conclusive evidence of women’s positive role. The findings also add a new voice from a less-researched region to support a recent view encouraging women to participate in the business world and suggest implications for women, corporate leaders, and governments

Women in top executive positions, external audit quality and financial reporting quality: evidence from Vietnam

PurposeThis study aims to investigate the effect of the presence of women in top executive positions on financial reporting quality (FRQ) and the role of external audit in enhancing the role of women in top executive positions.Design/methodology/approachThis study uses a sample of 644 Vietnamese-listed firms from 2010 to 2020 and applies fixed-effect and dynamic system generalized method of moments techniques for empirical models to test the related hypotheses.FindingsFirst, this study found a U-shaped relationship between women on the board and FRQ as well as women on the audit committee and FRQ. Second, female CEOs are positively associated with FRQ in small firms but there is no evidence of this in large firms. Third, a female chief accountant can enhance FRQ. Finally, external audit quality can reduce the negative effect of women on the board and the audit committee on FRQ and increase the positive impact of female chief accountants on FRQ.Practical implicationsThe results support all risk-averse, ethical sensitivity and glass ceiling hypotheses in different contexts. This study provides important implications for firms to enhance FRQ by nominating women in a majority of top executive positions and simultaneously using high-quality external audit services.Originality/valueThe impact of women in top executive positions on controlling FRQ in different contexts is an original contribution to gender in management literature.

Family firm entrepreneurship and sustainability initiatives: Women as corporate change agents

AbstractFamily businesses are often seen as key players in efforts to increase sustainability due to their transgenerational focus. Researchers have reported that companies strengthen their commitment to sustainability as they consolidate their entrepreneurial commitment, but the existing knowledge about drivers of family firms' sustainability choices is limited. This study sought to fill related research gaps by exploring the relationships between five entrepreneurial orientation (EO) components—risk taking, innovativeness, proactiveness, competitive aggressiveness and autonomy—and family businesses' sustainability initiatives. These companies comprise a unique research context in terms of the EO‐sustainability link due to their focus on continuity and propensity to create value for future generations. In addition, women increasingly hold leadership positions within family businesses, and studies have categorised both entrepreneurship and sustainability as gendered processes. Thus, this research also explored female chief executive officers' (CEOs) moderating role as corporate change agents who influence the EO‐sustainability initiatives relationship. Analyses were conducted using primary data collected from 195 privately held family firms in Poland. The results indicate that only one EO component (innovativeness) is significantly associated with family businesses' sustainability initiatives and that CEO gender moderates the links between two EO components (proactiveness and autonomy) and sustainability. Thus, this article contributes to the management literature by exploring the role of women leaders as change agents for sustainability in family firms. Other significant theoretical and practical implications are also discussed.

Do Female CEOs Moderate the Link between Female Directors on Audit Committees and Audit Quality: Evidence from the UK

We examine female chief executive officers (CEOs) in the context of women directors on audit committees (ACs) and audit quality. Previous research has yet to examine whether the presence of a female CEO affects the relationship between female membership in AC and audit quality. This study focuses on FTSE 350 firms, covers the period 2009-2015, and utilizes ordinary least-squares regression to test our hypothesis. The research found a positive relation between the proportion of female directors on ACs and the quality of the audit in the event of a female CEO. Furthermore, the finding is robust to endogeneity bias. In addition, our result is robust to an alternative audit quality proxy. Appointing women to CEO roles in businesses can further increase the link between women on ACs and audit quality. In addition, the results of the study support the efforts of corporate governance regulators to expand the number of female directors.