Pub Date : 2024-05-09DOI: 10.1108/apjba-03-2023-0140
Muntazir Hussain, Ramiz Rehman, Usman Bashir
PurposeThis study investigates the relationship between female CEOs and SMEs’ financing decisions. The study also examined the moderating role of ownership structure (female, foreign, and state ownership) in female CEO-SMEs’ financing decisions.Design/methodology/approachThe study has applied Generalized Least Square (GLS) and Binomial Logistic Regression. The study has used firm-level data from 2,700 Small and Medium Enterprises (SMEs) in the Chinese economy.FindingsThe results suggest that female CEOs use debt financing. However, the financing decision of female CEOs varies if we account for female ownership, foreign ownership, state ownership, firm association with big firms, and the industry in which the firm operates. This study also provides robust evidence that female CEOs utilize debt financing under certain conditions and that female CEOs prefer long-term debt financing to short-term debt financing when considering debt maturity choices.Originality/valueRecent studies report a negative relationship between female CEOs and financing decisions based on the rationale that females are risk-averse and choose less risky financing compared to their male counterparts. This study posits new evidence that female CEO financing decisions are not always risk averse if we consider female ownership, foreign ownership, state ownership, firm association with big firms, and the industry in which the firm operates. Thus, we contribute to the corporate governance literature, and this study implies a corporate financing policy.
目的 本研究探讨了女性首席执行官与中小企业融资决策之间的关系。本研究采用了广义最小二乘法(GLS)和二项式逻辑回归(Binomial Logistic Regression)。研究使用了中国经济中 2,700 家中小型企业(SMEs)的公司层面数据。结果研究结果表明,女性 CEO 使用债务融资。但是,如果考虑到女性所有权、外资所有权、国有所有权、企业与大企业的关联以及企业所处的行业,女性首席执行官的融资决策会有所不同。本研究还提供了强有力的证据,证明女性首席执行官在特定条件下会使用债务融资,并且在考虑债务期限选择时,女性首席执行官更倾向于长期债务融资而非短期债务融资。 原创性/价值近期的研究报告指出,女性首席执行官与融资决策之间存在负相关关系,其理论基础是女性是风险规避者,与男性首席执行官相比,她们会选择风险较低的融资方式。本研究提出了新的证据,即如果考虑到女性所有权、外资所有权、国有所有权、公司与大公司的关联以及公司所处的行业,女性首席执行官的融资决策并不总是风险规避型的。因此,我们为公司治理文献做出了贡献,本研究也为公司融资政策提供了启示。
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