The Origins and Real Effects of the Gender Gap: Evidence from CEOs’ Formative Years∗

CEOs allocate more investment capital to male than female division managers. Using data from individual Census records, we find that this gender gap is driven by CEOs who grew up in male-dominated families— those where the father was the only income earner and had more education than the mother. The gender gap also increases for CEOs who attended all-male high schools and grew up in neighborhoods with greater gender inequality. The effect of gender on capital budgeting introduces frictions and erodes investment efficiency. Overall, the gender gap originates in CEO preferences developed during formative years and produces significant real effects.

Associate Professor Denis Sosyura

Denis Sosyura is an associate professor of finance at the W. P. Carey School of Business. Before  joining ASU, he served on the faculty of the University of Michigan's Ross School of Business, which he joined after completing his doctorate at Yale University.

His primary research focus is on corporate finance, financial institutions, and financial media. His work has been published in the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. He has received eight best paper awards from leading academic conferences. He also holds the Distinguished Referee Award from the Review of Financial Studies.

His teaching has been recognized by nominations for numerous awards, including the Economist Intelligence Unit Business Professor of the Year Award, ASU Centennial Professorship Award, Provost Prize for Teaching Innovation, Golden Apple Teaching Award, and the MBA Teaching Excellence Award. In 2018, he was recognized as the most impactful finance professor at the W.P. Carey School of Business.

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