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政大機構典藏 > 商學院 > 財務管理學系 > 會議論文 > Item 140.119/140174

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/140174

Title:	Gender Difference in Shareholder Activism: Evidence from Shareholder Proposals
Authors:	陳嬿如 Chen, Yenn-Ru
Contributors:	財管系
Keywords:	Shareholder Activism;Governance Proposals;Environment and Social Proposals;Proposal Sponsors;Gender Discrimination;Statistical Discrimination
Date:	2021-10
Issue Date:	2022-05-26 16:29:03 (UTC+8)
Abstract:	We find that firms with female CEOs experience a higher likelihood of being targeted by activist investors and receive more shareholder proposals than firms with male CEOs. The result is robust to firm fixed effects, instrumental variables approach, and propensity score matching. Further analysis reveals that the positive impact of female CEO is mitigated when these female CEOs outperform and when there are relatively more female CEOs in the labor market. Such results are consistent with investor unfamiliarity with female CEOs causing investors to discriminate against them in the first place. Our results highlight how information asymmetry can contribute to the glass ceiling faced by female CEOs and provide tentative evidence that such glass ceilings can be broken as more females join the CEO labor market.
Relation:	2021 FMA Annual Meeting, Financial Management Association
Data Type:	conference
Appears in Collections:	[財務管理學系] 會議論文

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