Document Type : Research Paper
Authors
1 Assistant Professor, Accounting Dept, Facility Member of Golestan Institute of Higher Education, Gorgan
2 MA in Accounting, Auditor of Behdad Hesab Aria Institute
3 MA in Accounting
Abstract
Identifying the factors affecting cash holding is important because a deficit or surplus in cash holdings can cause companies to have many problems. Recent research has showed that one of the influential factors on cash holdings is gender of the CFO. According to the precautionary savingstheory, senior female executives hold more cash because of their conservatism, lower self-esteem, and risk aversion. In contrast, according to agency theory, female senior executives are more ethical and reduce agency costs and thus hold less cash. Therefore, the purpose of the present study is to investigate the effects ofCFO gender on cash holding, with regard to precautionary savingsand agency theories. The research hypothesis was also investigated using a sample of 170 companies listed in Tehran Stock Exchange during the years from 2012 to 2018 using multivariate regression model. The findings indicate that there is a significant positive relationship between CFO gender and cash holding according to the precautionary savingstheory. In other words, firms with senior female executives hold more cash than other companies.
Keywords
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