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27 Apr 2020Working Paper Summaries

Corporate Leadership and Creditor Recovery Rates: Evidence from Executive Gender

by Clarissa Hauptmann and Anywhere Sikochi

This paper examines the relationship between executive gender and creditor recovery rates, showing that creditors to female-run firms have higher recovery rates in the event of default.

Author Abstract

We examine the relationship between the gender of executives and corporate creditor recovery rates. Using 2,288 defaulted debt instruments, we find that female executives are associated with higher creditor recovery rates. Our findings are robust to tests that correct for potential self-selection inherent in studies of executive gender. We find evidence suggesting that conservatism in financial reporting and risk taking are potential channels through which gender affects creditor recovery rates. In additional tests, we find that the effects of executive gender persist across default types and the 2008 global financial crisis. We also show that gender diversity on the board does not moderate the effect of executive gender.