Publication: Women CEOs and firm performance in the construction industry: evidence from Spain
Authors
Hernández Nicolás, Carmen María ; Martín Ugedo, Juan Francisco ; Minguez Vera, Antonio
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Facultades, Departamentos, Servicios y Escuelas::Departamentos de la UMU::Organización de Empresas y Finanzas
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Publisher
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DOI
https://doi.10.1108/ECAM-09-2020-0701
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info:eu-repo/semantics/article
Description
©2021. This manuscript version is made available under the CC-BY-NC 4.0 license http://creativecommons.org/licenses/by-nc/4.0/
This document is the Accepted version of a Published Work that appeared in final form in Engineering, Construction and Architectural Management. To access the final edited and published work see https://doi.10.1108/ECAM-09-2020-0701
Abstract
Purpose – The construction industry has traditionally been a male-dominated economic sector. Barely 10% of
managers are women. On the other hand, this sector is considered an engine of the economy. For these reasons, it is
important to examine the influence of women CEOs on financial variables of firms in the construction industry.
Design/methodology/approach – The empirical study is carried out using a sample from the Iberian
Balance Sheet Analysis System record (“Sistema de An alisis de Balances Ib erico”, SABI). The sample includes
8,492 Spanish companies from the construction sector. The methodology employed is a three-stage least
squares (3SLS) analysis. This methodology controls for the endogeneity of explanatory variables. It is
employed in accordance with the peculiar characteristics of the sample, which includes data for only one year.
Findings – The results show that firms with a woman CEO have a lower level of debt, whatever the terms of
the maturity of the debt are. In contrast to most previous evidence, firms managed by women are found to be
less profitable.
Originality/value – The paper gives evidence of the influence of the CEO’s gender on the performance (return
and risk) of a firm. It provides original empirical evidence for the male-dominated construction sector. An
extensive search identified no literature in which the researchers had focused on the construction industry
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Citation
Engineering, Construction and Architectural Management
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