Publication: Female CEOs, Returns and Risk in Spanish Publishing Firms
Authors
Martín Ugedo, Juan Francisco ; Palma Martos, Luis ; Mínguez 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.org/10.1111/emre.12132
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info:eu-repo/semantics/article
Description
©2017. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/
This document is the Accepted, version of a Published Work that appeared in final form in European Management Review. To access the final edited and published work see https://doi.org/10.1111/emre.12132
Abstract
This study examines the influence of CEO gender on returns and risk for a sample of 2,157 Spanish publishing
firms in 2013. The publishing sector is relevant in Spain, in terms of output, because of its positive contribution to
the cultural sector’s trade balance and also because it plays a key strategic role in a knowledge-based society.
Previous evidence suggests that women in senior management position affect the performance of firms and also
the level of risk that the firm is exposed to. Our results show that publishing companies whose CEO is female have
greater returns. This result is observed when both the return on assets and the return on equity are considered as
the dependent variable. When we focus on risk, we find a lower debt level and lower financial leverage when the
CEO is a woman.
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Citation
European Management Review
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