Researcher ORCID Identifier


Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Professor Joshua Rosett

Rights Information

2022 Ashley Wang


The purpose of this paper is to evaluate the effects of CFO gender on a company’s earnings persistence, financial leverage, liquidity, and bankruptcy risk. I also examine the effects of CFO tenure and compensation as well as their interaction with gender. I conducted an empirical analysis on S&P 500 companies from 2000 to 2022 using ordinary least squares regression analysis. Results from these regressions imply that female CFO led companies experience higher earnings persistence and liquidity. They were also associated with lower values in several financial leverage ratios but no significant impact on bankruptcy risk. However, an additional year of tenure for female CFOs is associated with their companies having greater financial leverage and less liquidity. There were no significant results for the interaction term for CFO gender and their compensation.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.