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

Li-Hsun Wang and Hung-Gay Fung

Finance Research Letters, 2022, vol. 47, issue PB

Abstract: 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.

Keywords: Gender; CEO; CFO; Tail risk; Firm value (search for similar items in EconPapers)
JEL-codes: G32 G34 M12 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:47:y:2022:i:pb:s1544612322000228

DOI: 10.1016/j.frl.2022.102693

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