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

被引：13

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

页数：8

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