PERAN CEO PEREMPUAN DALAM KEPUTUSAN STRUKTUR MODAL DAN OPTIMASI NILAI PERUSAHAAN

Abstract

We extend the literature on how managerial trait relates to corporate financing decisions by documenting that firms run by female CEOs have lower leverage than otherwise similar firms run by male CEOs. We employ a database containing firms listed on Indonesia Stock Exchange from 2008 to 2021. The results are robust in controlling for the variable of firm maturity and corporate governance. We further document that this risk-avoidance behaviour of female CEO appears to lead to distortions in the value maximisation process. However, risk-averted female CEO in a small size company optimise corporate firm value more than in a big size company. These results have important economic implications for long-term corporate growth   Keywords: Leverage, Female CEO, capital structure, firm value, firm size