Do CEO gender and marital status affect firm’s R&D and Value? An empirical analysis using nonlinear models

Keshab Shrestha, Cheng few Lee, Abdul Ghafoor

Research output: Chapter in Book/Report/Conference proceedingChapter (Book)Researchpeer-review


This chapter reviews some nonlinear models used in corporate finance research. We also propose and empirically test some hypotheses regarding the effects of CEO gender and marital status on firm’s R&D investment and firm values. We find that there is no association between the R&D investment and CEO gender. Similarly, there is not an association between the R&D investment and CEO marital status. However, using the usual Tobin’s Q to represent the firm value, we find that both single CEO and male CEO enhance the firm value. We also find a nonlinear relationship between firm value and each of the two variables like firm size and institutional ownership. Finally, we find a significant positive association between the free cash flows and firm value but a significantly negative association between the firm value and leverage.
Original languageEnglish
Title of host publicationEncyclopedia of Finance
EditorsCheng-Few Lee, Alice C. Lee
Place of PublicationCham Switzerland
Number of pages17
ISBN (Electronic)9783030912314
ISBN (Print)9783030912307
Publication statusPublished - 13 Sept 2022

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