Abstract

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.

中文翻译：

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性别差距的起源和实际影响：CEO成长年限的证据

摘要

我们使用个人人口普查记录，为首席执行官的社会经济背景提供了新颖的证据，并研究了他们在投资决策中的作用。与女性部门经理相比，男性首席执行官向男性分配的投资资本更多。这种性别差距是由CEO所驱动的，这些CEO在男性主导的家庭中长大，父亲是唯一的收入来源，受教育程度高于母亲。对于就读于所有男性高中并在性别不平等加剧的社区中成长的首席执行官而言，性别差距也有所增加。性别对资本预算的影响引入了摩擦并侵蚀了投资效率。