Gender Gap in Corporate Reorganizations

52 Pages Posted: 6 Apr 2022 Last revised: 14 Apr 2023

See all articles by Paulo Manoel

Paulo Manoel

University of Kentucky - Department of Finance & Quantitative Methods

Vinicius Augusto Brunassi Silva

FECAP

Date Written: March 17, 2022

Abstract

We study how gender affects renegotiation with creditors. Using in-court corporate reorganizations from Brazil, we identify our results by comparing the votes of male-led and female-led creditor companies within the same filing. Gender bias comes from male managers of creditor companies, who are more hesitant than their female counterparts to approve the same reorganization plan if the debtor is a female-led company. If reorganized, female-led debtor companies achieve higher survival rates and returns on assets than their male-led counterparts. Exposing male managers of creditor companies to successful cases of female entrepreneurship attenuates their gender biases. Our results uncover additional obstacles that female entrepreneurs face in their attempts to succeed.

Keywords: distressed debt, Chapter 11, Corporate bankruptcy, corporate reorganization, gender discrimination

JEL Classification: G32, G33, G38, J16, K22

Suggested Citation

Manoel, Paulo and Augusto Brunassi Silva, Vinicius, Gender Gap in Corporate Reorganizations (March 17, 2022). Available at SSRN: https://ssrn.com/abstract=4060278 or http://dx.doi.org/10.2139/ssrn.4060278

Paulo Manoel (Contact Author)

University of Kentucky - Department of Finance & Quantitative Methods ( email )

Lexington, KY 40506
United States

HOME PAGE: http://paulomanoel.com

Vinicius Augusto Brunassi Silva

FECAP ( email )

Av. Liberdade, 532
Liberdade
São Paulo
Brazil

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

Paper statistics

Downloads
105
Abstract Views
440
Rank
421,996
PlumX Metrics