The Origins and Real Effects of the Gender Gap: Evidence from CEOs' Formative Years

• 成果类型: Article
• 署名作者: Duchin, Ran; Simutin, Mikhail; Sosyura, Denis
• 署名单位: Boston College; University of Toronto; Arizona State University; Arizona State University-Downtown Phoenix
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhaa068
• 发表日期: 2021
• 页码: 700
• 关键词: internal capital-markets; role attitudes; FEMALE SOCIALIZATION; dark side; sex; women; LABOR; CHILDREN; stereotypes; traits

摘要

Using individual census records, we provide novel evidence on CEOs' socioeconomic backgrounds and study their role in investment decisions. Male CEOs allocate more investment capital to male than female division managers. This gender gap is driven by CEOs who grew up in male-dominated families where the father was the only income earner and had more education than the mother. The gender gap also increases for CEOs who attended all-male high schools and grew up in neighborhoods with greater gender inequality. The effect of gender on capital budgeting introduces frictions and erodes investment efficiency.