Female CEOs, Returns and Risk in Spanish Publishing Firms

10 Pages Posted: 5 Jun 2018

Date Written: Spring 2018


This study examines the influence of CEO gender on returns and risk for a sample of 2,157 Spanish publishing firms in 2013. The publishing sector is relevant in Spain, in terms of output, because of its positive contribution to the cultural sector's trade balance and also because it plays a key strategic role in a knowledge‐based society. Previous evidence suggests that women in senior management position affect the performance of firms and also the level of risk that the firm is exposed to. Our results show that publishing companies whose CEO is female have greater returns. This result is observed when both the return on assets and the return on equity are considered as the dependent variable. When we focus on risk, we find a lower debt level and lower financial leverage when the CEO is a woman.

Keywords: gender, publishing firms, performance, return, risk

Suggested Citation

Martín-Ugedo, Juan Francisco and Mínguez‐Vera, Antonio and Palma‐Martos, Luis, Female CEOs, Returns and Risk in Spanish Publishing Firms (Spring 2018). European Management Review, Vol. 15, Issue 1, pp. 111-120, 2018. Available at SSRN: https://ssrn.com/abstract=3188611 or http://dx.doi.org/10.1111/emre.12132

Juan Francisco Martín-Ugedo (Contact Author)

University of Murcia ( email )


Antonio Mínguez‐Vera

University of Murcia

Avda Teniente Flomesta, 5
Murcia, 30100

Luis Palma‐Martos

University of Seville

Avda. del Cid s/n
Sevilla, 41004

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