Graduation Year


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Marc Massoud

Reader 2

Nancy Macko


This paper analyzes the relationship between the gender characteristic of Chief Financial Officers and their engagements in accounting restatements. I base my research on the upper echelons theory (Hambrick and Mason 1984) that human factors affect CFOs’ business thinking. Using Form 8-K Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review, I discover that female CFOs are associated with more restatements, which contradicts prior research arguing women are more risk-averse in decision-making. My result can be explained by the glass cliff theory (Ryan and Haslam 2007).

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