Top executive gender diversity and financial reporting quality

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE Journal of Contemporary Accounting & Economics Pub Date : 2023-08-01 DOI:10.1016/j.jcae.2023.100363
Karel Hrazdil , Dan A. Simunic , Stephen Spector , Nattavut Suwanyangyuan
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Abstract

We examine whether gender diversity of chief executive and chief financial officers (CEOs and CFOs) is associated with financial reporting quality. The CEOs and CFOs of publicly traded companies are both required to certify the appropriateness of their financial statements and annual disclosures. We argue that gender diverse dyads (groups) of executives can bring different perspectives and professional skepticism to financial reporting. Using a sample of different CEO/CFO gender dyads during 2006–2019, we postulate and find evidence of higher accruals quality among firms led by gender-diverse dyads compared to accruals quality reported by firms led by all-male CEO/CFO pairs. Additional analyses reveal that the auditors of firms with gender-diverse executive dyads issue audit reports later, charge higher audit fees, and are more likely to be one of the Big 4 firms. These findings support the view that top executive gender diversity enhances financial reporting quality, which has important implications for corporate governance mechanisms.

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高管性别多样性和财务报告质量
我们研究了首席执行官和首席财务官(ceo和cfo)的性别多样性是否与财务报告质量相关。上市公司的首席执行官和首席财务官都必须证明其财务报表和年度披露的适当性。我们认为,性别不同的高管群体会给财务报告带来不同的视角和专业怀疑。利用2006-2019年期间不同性别的首席执行官/首席财务官的样本,我们假设并发现了由性别多样化的首席执行官/首席财务官领导的公司比由全男性首席执行官/首席财务官领导的公司报告的应计质量更高的证据。进一步的分析表明,拥有性别多元化高管的事务所的审计人员发布审计报告的时间更晚,收取更高的审计费用,并且更有可能成为四大事务所之一。这些发现支持了高管性别多样性提高财务报告质量的观点,这对公司治理机制具有重要意义。
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来源期刊
CiteScore
6.00
自引率
3.00%
发文量
24
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