The Relationship Between Chairman Gender, CEO Gender, and the Risk, Dividend Payout

• Main Authors: Lin, Ho-Wei, 林合瑋
• Other Authors: Yeh, Yin-Hua
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/k3j2fb

碩士 === 國立交通大學 === 財務金融研究所 === 106 === Faccio, Marchica& Mura (2016) extend the literature on how managerial traits relate to corporate choices by documenting that firms run by female CEOs have lower leverage ratio than otherwise similar firms run by male CEOs based on the data set of European companies in 1999-2009. Chen, Leung, & Goergen (2017), on the other hand, discover that companies with higher female independent director ratio tend to offer more dividend based on the dataset of S&P 1500 companies in 1997-2011. Our research combines the methodology of two of them by investigating how female chairman/president affect companies’ financial risk, operational risk, market risk and dividend payout ratio of Taiwanese companies. Our sample includes the data of all publicly traded companies in Taiwan from 1 January 2006 to 31 December 2017. Our methodology is as below: First, by the T-Test for Difference Between Means method, we discover that our hypothesis is proven. The companies with female CEO/Chairman tend to have higher currency ratio, lower investment outflow and higher dividend payout ratio compare to themselves before having the female chairman/president. Second, we use the Difference in Difference method to deal with the potential endogeneity issue. By apply the T test on our test group and comparison group which is selected by Propensity Score Matching method, we have the consistent result. Third, we do the robust test by using the regression analysis, trying to make our result more solid. The result of the regression rest proves our hypothesis once again, especially in two variables: Lower investment and higher dividend payout ratio. Our conclusion suggests that companies run by female are more “dovish.”