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How do female CEOs affect the corporate capital structure in Norwegian private firms

Lunde, Kine; Løset, Silje
Master thesis
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URI
https://hdl.handle.net/11250/2688412
Date
2020
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  • Master of Science [963]
Abstract
The effect of managerial characteristics on corporate financing policies has gained

a growing attention during the last years. Thus, this thesis aims at investigating how

the gender of the CEO affects the corporate capital structure in Norwegian private

firms. In short, within a behavioural perspective, males and females are perceived

to be different from each other. These differences are presumed to be reflected in

their financing behaviour and therefore assumed to influence decisions regarding

the corporate capital structure. Using panel data of Norwegian private firms over

the time period 2001-2017 obtained from the Centre of Corporate Governance

Research (CCGR) database, this thesis examines how female CEOs shapes the

firm´s financing decisions in terms of debt levels, debt maturity and cost of

borrowing. By categorising the sample by firm size, we find that female CEOs of

smaller Norwegian private firms adopt a capital structure with higher amounts of

leverage, with a shorter maturity, at a lower cost. These findings are proven to be

robust for several model specifications. Our results provide evidence of female- and

male CEOs differing in their financing choices, hence adopting capital structures

with different amounts of leverage, different maturities and at a different cost.

However, compared to previous studies of listed US companies, our study suggests

that considering the geographical patterns in gender equality and diversity might

prove important when studying the effect of female CEOs in future research.
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Masteroppgave(MSc) in Master of Science in Business, Accounting and Business Control - Handelshøyskolen BI, 2020
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Handelshøyskolen BI

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