CEO gender and the likelihood of replacement
We study the probability of female CEOs exiting their firms from 2011 to 2021. Using a sample of US publicly traded firms, we apply the cox proportional hazard model and find that female CEOs have a lower likelihood of exit than their male counterparts, which supports the “female leadership” advantage. We further find that female CEOs have a higher probability of exit in high-leveraged firms, which corroborates with female risk aversion literature.
Co-Auteur : Prof. Antonio Davila