Page 25 - SUSTAINABILITY ISSUES & COVID-19

This study contribute by provide additional research in gender and business study by Provides additional literature for
science related to the influence of female CFOs on firm value by moderation in cash holding as well as being a reference
or reference in subsequent research. This study also give additional insight for company management that gender
characteristics matter in policy making related to company strategies and should be considered when choosing a CFO
in the company to develop strategies with a broader perspective and as a counterweight to the presence of female
executives to maximize firm value.

This study has limitations which is did not include specific characteristics of CFO such as work experience, education
level, and so on, and there is gap bertween market to book value used and the date of the announcement of the female
directors. Future research is expected to include specific characteristics of CFO and uses daily market to book value on
the date of the announcement of the female directors.

REFERENCES

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Finance & Accounting, 46(7-8), pp.1003-1029.
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