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  • 2020
  • Working Paper
  • HBS Working Paper Series

Corporate Leadership and Creditor Recovery Rates: Evidence from Executive Gender

By: Clarissa Hauptmann, Syrena Shirley and Anywhere Sikochi
  • Format:Print
  • | Language:English
  • | Pages:46
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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.

Keywords

Executive Gender; Default; Recovery Rates; Debt; Corporate Bonds; Conservatism; Leadership; Gender; Borrowing and Debt; Bonds; Risk Management

Citation

Hauptmann, Clarissa, Syrena Shirley, and Anywhere Sikochi. "Corporate Leadership and Creditor Recovery Rates: Evidence from Executive Gender." Harvard Business School Working Paper, No. 20-087, February 2020.

About The Author

Anywhere Sikochi

Accounting and Management
→More Publications

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More from the Authors
  • Why Is Corporate Virtue in the Eye of the Beholder? The Case of ESG Ratings By: Dane Christensen, George Serafeim and Anywhere Sikochi
  • Transitory and Permanent Cash Flow Shocks in Debt Contract Design By: Le Ma, Anywhere Sikochi and Yajun Xiao
  • Harambe: Mobilizing Capital in Africa By: Anywhere (Siko) Sikochi, Dilyana Karadzhova Botha and Francesco Tronci
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