The impact of female CFO’s characteristics on company's debt to equity ratio

This study explores the impact of female Chief Financial Officers’ (CFOs) characteristics on the Debt-to-Equity (DE) ratio of publicly listed companies in Thailand. Grounded in Role Congruity Theory and supported by recent empirical findings, the research investigates whether attributes covering age, education, professional development, award recognition, executive position, background, and company-level influence financial decision-making in a measurable way. Using a mixed-methods approach, the study first analyzes quantitative data from female CFOs across industries using descriptive statistics, Pearson correlation, and multiple linear regression to explain each characteristic’s impact on the D/E ratio. Key findings reveal that CFOs with award recognition, those in the financial industry, and those working in larger firms are significantly associated with higher D/E ratios, while higher ROE is negatively related to the financial ratio. To provide deeper insights, the study supplements its findings with a qualitative content analysis of eight interviews (one primary and seven published interviews), the outcomes of highlighting themes demonstrate strategic thinking, data-driven leadership, and balanced risk-taking. The overall result challenges the oversimplified notion of female CFOs as uniformly risk-averse, instead suggesting that risk behavior is shaped by individual credentials and organizational context. This study contributes to the understanding of gendered financial leadership and offers practical implications for succession planning and professional development of aspiring female CFOs in Thailand.