Cross-Country Gender Bias and Corporate Cash Holdings

29 Pages Posted: 20 Apr 2022

See all articles by Jaroslav Horvath

Jaroslav Horvath

University of New Hampshire

Kyre Lahtinen

Wright State University

Date Written: April 6, 2022


We examine the cross-country relationship between gender bias, as portrayed in a country’s folklore, and firms’ corporate cash holdings. Controlling for firm characteristics, country-specific macroeconomic attributes, governance factors, and cultural differences, we document that firms in countries with a more pronounced Male Bias tend to hold significantly less cash. We provide evidence that these differences can be attributed to countries with larger Male Bias exhibiting less patience, consistent with the precautionary savings motive to hold cash.

Keywords: cash holdings, male bias, cross-country.

JEL Classification: F30, G30, G40.

Suggested Citation

Horvath, Jaroslav and Lahtinen, Kyre, Cross-Country Gender Bias and Corporate Cash Holdings (April 6, 2022). Available at SSRN: or

Jaroslav Horvath (Contact Author)

University of New Hampshire ( email )

Department of Economics
10 Garrison Avenue
Durham, NH 03824
United States
6038620867 (Phone)

HOME PAGE: http://

Kyre Lahtinen

Wright State University ( email )

Dayton, OH 45435
United States

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