Do Tourism Firms with Female CEOs Hold Higher Levels of Cash?

Finnish Journal of Tourism Research 11(2), 24-44, 2015

21 Pages Posted: 15 Aug 2015 Last revised: 23 Aug 2017

See all articles by Markku J. Vieru

Markku J. Vieru

University of Lapland - Faculty of Social Sciences, Multidimensional Tourism Institute

Date Written: June 10, 2015

Abstract

Using data over a ten-year period from the Finnish tourism sector comprising more than 15 000 firm-year observations, as well as various models, this paper studies whether firms with a female CEO (Chief Executive Officer) hold a larger level of cash than those with a male CEO. The study controls for various firm characteristics, such as size, growth opportunities, profitability, leverage and debt structure, as well as the size of the board of directors and age of the CEO. It is hypothesized that firms run by female managers tend to have larger cash balances. In line with the hypothesis, the results indicated such firms hold significantly larger levels of cash than those run by men. The study also demonstrates that the proportion of firms with female CEOs among Finnish tourism enterprises somewhat increased during the sample period.

Keywords: Cash holdings, Gender, Corporate governance, Tourism business

JEL Classification: D22, G32, G34, L83

Suggested Citation

Vieru, Markku, Do Tourism Firms with Female CEOs Hold Higher Levels of Cash? (June 10, 2015). Finnish Journal of Tourism Research 11(2), 24-44, 2015, Available at SSRN: https://ssrn.com/abstract=2643520

Markku Vieru (Contact Author)

University of Lapland - Faculty of Social Sciences, Multidimensional Tourism Institute ( email )

P.O. Box 122
Rovaniemi FIN-96101
Finland
+358 400 377641 (Phone)
+358 16 341 2600 (Fax)

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