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Female-Led Innovative Companies: Risk Attitudes and Firm Performance

Student: Darya Kanaeva

Supervisor: Anastasia N. Stepanova

Faculty: Faculty of Economic Sciences

Educational Programme: Strategic Corporate Finance (Master)

Final Grade: 7

Year of Graduation: 2020

The aim of the research was to identify weather there is difference in risk preferences among male and female CEOs of innovative companies and how gender of the CEO and share of women in the Board of directors influence the firms’ performance. Three hypotheses were set: female CEOs of innovative companies are more risk-averse than male ones; innovative companies under the run of female CEOs outperform male-run companies; the share of women in the Board of directors positively related to firm performance. As a measure of risk taking, a cumulative indicator was introduced. As firm performance measure use Tobin’s Q coefficient. Quantile regression of 0.75 percentile became the best estimator according to Akaike information criterion. Models proved that female CEOs are tend to be more risk averse and relatively firms under their run better assessed by market than their book value, however proportion of female in the boardroom fount not to be significant indicator for both risk attitude and firm performance.

Full text (added May 25, 2020)

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