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

Li-Hsun Wang; Hung Gay Fung

doi:10.1016/j.frl.2022.102693

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

Li-Hsun Wang, Hung Gay Fung

University of Missouri-St. Louis

Research output: Contribution to journal › Article › peer-review

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.

Original language	American English
Journal	The effect of female CEO and CFO on tail risk and firm value
Volume	47
DOIs	https://doi.org/10.1016/j.frl.2022.102693
State	Published - Jun 2022

Disciplines

Finance

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Cite this

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title = "The effect of female CEO and CFO on tail risk and firm value",

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. ",

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AB - 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.

UR - https://doi.org/10.1016/J.FRL.2022.102693

U2 - 10.1016/j.frl.2022.102693

DO - 10.1016/j.frl.2022.102693

M3 - Article

VL - 47

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

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

ER -

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

Abstract

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