After my thesis I could conclude; that CEOs have different talents and abilities, all of which can influence their financial decisions. This can be explained by different management styles and characteristics of managers, such as risk aversion, optimism and hubris, while personal differences such as age, origin and education also matter. This suggests that the gender of a CEO is also an important indicator influencing the financial policies of companies.
The results of my thesis confirm a negative effect between a female CEO and a company’s debt level, suggesting that risk aversion is the most important factor. The results also show a positive effect between a female CEO and capital expenditure, which contradicts the theory. Furthermore, no significant results were found that indicate that a female CEO would make different choices.