The relationship between female CEOs and corporate cash holdings: an analysis of tenure and crisis periods

Purpose This study aims to investigate the relationship between female CEOs and corporate cash holdings in various contexts as well as the moderating role of CEO tenure in this relationship. Design/methodology/approach The research employs panel data analysis on 607 Vietnamese listed firms over the period 2006–2022. Fixed effect, quantile regression and system generalized method of moments methodologies are used to examine the presence of female CEOs influence on cash holdings during crisis periods and normal periods, as well as in low and high cash-holding firms. Findings First, the findings reveal a positive relationship between female CEOs and cash holdings in general. However, in firms with excessive cash holdings, this relationship becomes negative. The positive relationship between female CEOs and cash holdings becomes stronger during crisis periods. Second, the study identifies that CEOs with longer tenures negate the positive correlation between female CEOs and cash holdings during both crisis and normal periods. However, in firms with excessive cash holdings, extended CEO tenure increases the negative correlation between female CEOs and cash holdings. Originality/value This study underscores the nuanced dynamics of gender representation in corporate leadership and its impact on financial strategies, particularly during periods of economic uncertainty. The study contributes to both gender diversity literature and corporate finance research, highlighting the complex interplay between gender, CEO characteristics and corporate financial behavior in the context of emerging countries.