Svoboda | Graniru | BBC Russia | Golosameriki | Facebook

Account

Table 13 Firm performance in the year prior to CEO change by CEO gender

From: Earnings forecasts of female CEOs: quality and consequences

	Male CEOs			Female CEOs			Mean difference
	N	Mean	STD	N	Mean	STD	Difference	T-statistics
AVG_ROA	1654	−0.011	0.194	105	0.013	0.134	−0.024	−1.241
ROA_Y3	1342	−0.001	0.204	86	0.021	0.158	−0.022	−0.977
ROA_Y2	1525	0.001	0.200	97	0.019	0.159	−0.018	−0.885
ROA_Y1	1654	−0.015	0.209	105	0.008	0.152	−0.023	−1.101
AVG_AR	1654	0.087	0.349	105	0.054	0.311	0.032	0.928
AR_Y3	1342	0.160	0.636	86	0.122	0.638	0.038	0.541
AR_Y2	1525	0.098	0.510	97	0.213	0.606	−0.115**	−2.127
AR_Y1	1654	0.011	0.443	105	0.017	0.470	−0.006	−0.139
LOSS	1654	0.288	0.453	105	0.257	0.439	0.031	0.674
VOLATILITY	1654	0.123	0.081	105	0.109	0.065	0.014*	1.770
DISTRESS	1654	−2.991	1.545	105	−3.168	1.373	0.177	1.143
MB	1654	2.844	4.482	105	3.523	6.339	−0.679	−1.463
SIZE	1654	6.766	1.997	105	7.255	1.980	−0.488**	−2.430

This table presents comparative data on firm performance in the years prior to male-to-female CEO transitions and male-to-male CEO transitions. Variable definitions are shown in the Appendix. All continuous variables are winsorized at the top and bottom 1%. ^***, ^**, and ^* denote statistical significance at the 1%, 5%, and 10% levels, respectively

Back to article page