How female directors help firms to attain optimal cash holdings
研究美国1163家上市公司2000-2017年数据发现，女性董事本身不影响现金持有，但能抑制过度自信CEO将现金降至最优水平以下的倾向，从而改善公司决策。
Is female board representation helpful for firms attaining optimal cash holdings? We address this question using data on 1163 US-listed firms for 2000‐–2017. We show that if there are more female directors on firm boards, ceteris paribus, there is no effect on excess cash holdings implying that female directors are not inclined to be particularly cautious or optimistic. However, in the presence of overly confident CEOs, having more female directors on the board counteracts the tendency of such CEOs to reduce cash holding below an optimal level. Thus, female board representation enhances corporate decision making through effective monitoring and thus, taming CEOs' biased behavior.