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CEO gender and corporate labor cost
Review of Financial Economics Pub Date : 2021-07-26 , DOI: 10.1002/rfe.1141
Xiaohong Fan 1 , Sailu Li 1 , Natalia Villatoro 2
Affiliation  

We examine the impact of CEO gender on firm-level average labor cost. In a sample of U.S. public firms with voluntary labor cost disclosure, we find that firms with female CEOs have significantly lower average labor cost than firms with male CEOs. This effect is robust to the use of propensity score matching approach to alleviate the impact of possible selection bias and endogeneity concerns. The results are stronger in a subsample of firms where CEO turnover introduces CEO gender change. We hypothesize that female CEOs may be more risk averse and tend to pursue less risky corporate policies, leading to a lower equilibrium employee wage. Alternatively, female CEOs may offer higher non-monetary employee benefits in lieu of monetary compensation. Our empirical results do not support the risk aversion hypothesis, whereas we find robust evidence that firms with female CEOs offer higher non-monetary employee benefits than firms with male CEOs, especially in human capital-intensive firms.

中文翻译:

CEO性别与企业劳动力成本

我们研究了 CEO 性别对公司层面平均劳动力成本的影响。在自愿披露劳动力成本的美国上市公司样本中,我们发现女性 CEO 的公司平均劳动力成本明显低于男性 CEO 的公司。这种效果对于使用倾向评分匹配方法来减轻可能的选择偏差和内生性问题的影响是稳健的。在 CEO 更替导致 CEO 性别变化的公司子样本中,结果更强。我们假设女性 CEO 可能更厌恶风险并且倾向于追求风险较低的公司政策,从而导致较低的均衡员工工资。或者,女性 CEO 可能会提供更高的非货币雇员福利来代替货币补偿。我们的实证结果不支持风险规避假设,
更新日期:2021-07-27
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