Team Gender Diversity and Investment Decision Making Behavior
Bogan, Vicki L.; Just, David R.; Dev, Chekitan S.
We investigate whether the gender composition of a fund management team influences investment decision making behavior. Using an experimental economics approach, we examine the relationship between gender diversity and investment decisions. We find evidence that a male presence increases the probability of selecting a higher risk investment. However, the all male teams are not the most risk seeking. Moreover, having a male presence can increase loss aversion. In the context of workforce composition, these results could have important implications for team investment decisions driven by the assessment of risk and return trade-offs. (JEL: G11)
investment decisions; risk aversion; loss aversion; team gender diversity
Required Publisher Statement: © Emerald. Final version published as: Bogan, V. L., Just, D. R., & Dev, C. S. (2013). Team gender diversity and investment decision-making behavior. Review of Behavioral Finance, 5(2), 134 – 152. doi: 10.1108/RBF-04-2012-0003