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
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