The Origins and Real Effects of the Gender Gap: Evidence from CEOs’ Formative Years
利用个人普查记录，研究了CEO的成长背景如何影响其投资决策，发现成长于男性主导家庭的CEO更倾向于将更多资本分配给男性部门经理，导致性别差距并降低投资效率。
Abstract Using individual census records, we provide novel evidence on CEOs’ socioeconomic backgrounds and study their role in investment decisions. Male CEOs allocate more investment capital to male than female division managers. This gender gap is driven by CEOs who grew up in male-dominated families where the father was the only income earner and had more education than the mother. The gender gap also increases for CEOs who attended all-male high schools and grew up in neighborhoods with greater gender inequality. The effect of gender on capital budgeting introduces frictions and erodes investment efficiency.