The effect of female CEO and CFO on tail risk and firm value

被引：15
|
作者：
Wang, Li-Hsun [1 ]
Fung, Hung-Gay [2 ]
机构：
[1] Wenzao Ursuline Univ Languages, Dept Int Business Adm, 900 Mintzu 1st Rd, Kaohsiung 80793, Taiwan
[2] Univ Missouri, Coll Business Adm, One Univ Blvd, St Louis, MO 63121 USA
来源：
FINANCE RESEARCH LETTERS | 2022年 / 47卷
关键词：
Gender; CEO; CFO; Tail risk; Firm value; GENDER-DIFFERENCES; WOMEN; DIVERSITY;
D O I：
10.1016/j.frl.2022.102693
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the effects of female CEOs and CFOs on stock tail risk and firm value. Results using the Taiwan data show the female CEOs have a positive effect on stock tail risk whereas the female CFOs have a negative effect. Female CEOs stimulate growth of the firm by undertaking more external investments with M&As that increase the tail risk, while CFOs promote organic growth of the firm using R&Ds and interact with R&Ds to reduce tail risk. Both female executives improve firm value.
引用
收藏
页数：8
相关论文
共 50 条
  • [1] Effects of female CEO and female CFO on internationalization and firm performance
    Amin, Ali
    Ali, Rizwan
    Rehman, Ramiz Ur
    CORPORATE GOVERNANCE-THE INTERNATIONAL JOURNAL OF BUSINESS IN SOCIETY, 2024, 24 (07): : 1577 - 1596
  • [2] CEO tenure, the risk of termination and firm value
    Brookman, Jeff
    Thistle, Paul D.
    JOURNAL OF CORPORATE FINANCE, 2009, 15 (03) : 331 - 344
  • [3] Female executives and firm value: the moderating effect of co-CEO power gaps
    Hong, Jiyeun
    Kim, Su-In
    GENDER IN MANAGEMENT, 2022, 37 (07): : 933 - 949
  • [4] CEO risk preferences, hedging intensity, and firm value
    Chowdhury, Rajib
    Doukas, John A.
    Mandal, Sonik
    JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2023, 130
  • [5] CEO, CFO, and board attributes' effect on fair value agriculture disclosure
    Abdullah, Zaimah
    Qaderi, Sumaia Ayesh
    Ariff, Arifatul Husna Binti Mohd
    Chandren, Sitraselvi
    Latif, Rohaida Abdul
    COGENT BUSINESS & MANAGEMENT, 2023, 10 (03):
  • [6] Complementarity in the CEO-CFO interface: The joint influence of CEO and CFO personality and structural power on firm financial leverage
    Harrison, Joseph S.
    Malhotra, Shavin
    LEADERSHIP QUARTERLY, 2024, 35 (02):
  • [7] The Influence of CEO/CFO Turnover on Company Value
    Liao, Mei-Hua
    Chen, Yen-Ju
    Tsai, Yun-Hsuan
    Chan, Ya-Lan
    INNOVATIVE MOBILE AND INTERNET SERVICES IN UBIQUITOUS COMPUTING, IMIS-2023, 2023, 177 : 361 - 368
  • [8] CEO Activism and Firm Value
    Mkrtchyan, Anahit
    Sandvik, Jason
    Zhu, Vivi Z.
    MANAGEMENT SCIENCE, 2024, 70 (10) : 6519 - 6549
  • [9] CEO Tenure and Firm Value
    Brochet, Francois
    Limbach, Peter
    Schmid, Markus
    Scholz-Daneshgari, Meik
    ACCOUNTING REVIEW, 2021, 96 (06): : 47 - 71
  • [10] CEO succession with gender change in troubled companies: The effect of a new woman CEO on firm risk and firm risk perceived
    Rigolini, Alessandra
    Gabaldon, Patricia
    Goldeng, Eskil Le Bruyn
    SCANDINAVIAN JOURNAL OF MANAGEMENT, 2021, 37 (01)
12345