PERAN CEO PEREMPUAN DALAM KEPUTUSAN STRUKTUR MODAL DAN OPTIMASI NILAI PERUSAHAAN

Universitas Udayana

  • Ni Nyoman Ayu Diantini Universitas Udayana
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Abstrak

We extend the literature on how managerial trait relates to corporate financing decisions by documenting that firms run by female CEOs have lower leverage than otherwise similar firms run by male CEOs. We employ a database containing firms listed on Indonesia Stock Exchange from 2008 to 2021. The results are robust in controlling for the variable of firm maturity and corporate governance. We further document that this risk-avoidance behaviour of female CEO appears to lead to distortions in the value maximisation process. However, risk-averted female CEO in a small size company optimise corporate firm value more than in a big size company. These results have important economic implications for long-term corporate growth


 


Keywords: Leverage, Female CEO, capital structure, firm value, firm size


 

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Diterbitkan
2022-07-26
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DIANTINI, Ni Nyoman Ayu. PERAN CEO PEREMPUAN DALAM KEPUTUSAN STRUKTUR MODAL DAN OPTIMASI NILAI PERUSAHAAN. E-Jurnal Manajemen, [S.l.], v. 11, n. 7, p. 1357 - 1376, july 2022. ISSN 2302-8912. Tersedia pada: <https://ojs.unud.ac.id./index.php/manajemen/article/view/EJMUNUD.2022.v11.i07.p05>. Tanggal Akses: 21 apr. 2025 doi: https://doi.org/10.24843/EJMUNUD.2022.v11.i07.p05.
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Terbitan
Vol 11 No 7 (2022)
Bagian
Articles
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.