Gender is a major thing in life for some cultures. For some culture they are very concern about the different between male and female role. In their opinion, male is more important than female role in making decision in life. Previous studies about gender mentioned that one’s gender can affected one’s decision in one’s life. Some studies showed that people with different gender may have different behavior towards money. These findings created a possibility in which a firm’s cash holding level may be determined by the gender of the decision maker and this study will try to utilize specifically the Chief Financial Officer’s gender to explain the difference in firms’ cash holding level.
The data utilized in this study is particularly focused on data over the period of 2009-2014 annual data of firms listed on NYSE. This study used the data coming from 946 firms which are listed on NYSE. The data set in this study will be obtained from CRSP Compustat data, Datastream, and U.S Securities Exchange Commissions website.
The result shows overall there is no significant mark in the gender variables towards firms’ cash holdings. The results only show that firms’ long-term debt, firms’ size, and firms’ dividend have significant mark. However, there is significant relationship between tax and cash in mining sector firms and significant relationship between cash flow volatility and cash in manufacturing, retail trade, mining, wholesale trade, and service sector firms. From the overall result, this research concludes that transaction motives can be the major factors which explain firms’ cash holdings.

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