Benefits of Having a Female CFO

58 Pages Posted: 16 Jul 2021 Last revised: 15 Feb 2022

See all articles by Julia Klevak

Julia Klevak

Wellington Management Company

Joshua Livnat

New York University; Prudential Financial - Quantitative Management Associates

Kate Suslava

Bucknell University Freeman College of Management

Date Written: July 14, 2021

Abstract

We examine gender differences in the language of CFOs who participate in quarterly earnings calls. Female executives are more concise and less optimistic, are clearer, use fewer idioms or clichés, and provide more numbers in their speech. These differences are particularly strong in the more spontaneous Questions and Answers (QA) section of the calls and are reflected in stronger market and analyst reactions. Gender differences seem to be associated with CFO overconfidence.

Keywords: gender, conference calls, textual analysis, euphemisms, abnormal returns

JEL Classification: G10, G14, J16, M14, M41

Suggested Citation

Klevak, Julia and Livnat, Joshua and Suslava, Kate, Benefits of Having a Female CFO (July 14, 2021). Available at SSRN: https://ssrn.com/abstract=3887025 or http://dx.doi.org/10.2139/ssrn.3887025

Julia Klevak

Wellington Management Company ( email )

United States

Joshua Livnat

New York University ( email )

44 West 4th Street, Suite 10-76
Stern School of Business
New York, NY 10012-1118
United States
212-998-0022 (Phone)
212-995-4004 (Fax)

Prudential Financial - Quantitative Management Associates ( email )

2 Gateway Center
6th Fl.
Newark, NJ 07102
United States

Kate Suslava (Contact Author)

Bucknell University Freeman College of Management ( email )

701 Moore Ave
Lewisburg, PA 18837
United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
408
Abstract Views
1,707
Rank
109,842
PlumX Metrics