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CEO gender and the probability that firms go public

Author

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  • Frii, Peter
  • O’nions, Elizabeth
  • Sofla, Amin
  • Stålnacke, Oscar

Abstract

We study the association between the gender of the Chief Executive Officer (CEO) and the probability that firms go public through an Initial Public Offering (IPO), using data for the full population of Swedish IPO firms from 2005-2017, and matched private firms. We find that firms that go public are less likely to have a female CEO. The results are robust when we test for a change of CEO: firms that switch from a male to a female CEO are less likely to go public, and when we consider the gender balance among the board of directors.

Suggested Citation

  • Frii, Peter & O’nions, Elizabeth & Sofla, Amin & Stålnacke, Oscar, 2023. "CEO gender and the probability that firms go public," Finance Research Letters, Elsevier, vol. 53(C).
    • Handle: RePEc:eee:finlet:v:53:y:2023:i:c:s1544612322007917
    DOI: 10.1016/j.frl.2022.103615
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    Cited by:

    1. Qi, Wenhao & Li, Biao & Liu, Qiqi & Lv, Jiaqi, 2023. "Low-skill lock-in? Financial resource mismatch and low-skilled labor demand," Finance Research Letters, Elsevier, vol. 55(PB).

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    More about this item

    Keywords

    Gender; CEOs; Board of directors; Initial public offerings;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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