Do Female CEOs Make a Difference? Evidence From Vietnam

41 Pages Posted: 18 Sep 2019

See all articles by Lai Van Vo

Lai Van Vo

Western Connecticut State University

Hazel Nguyen

Southwestern University

Huong T. T. Le

Northeastern Illinois University

Date Written: July 2, 2019


This paper examines the effect of gender in corporate leadership on firm performance and risk taking for Vietnamese listed firms. We find that firms with female CEOs generate higher profitability than those with male CEOs. In addition, firms led by female CEOs experience less systematic and idiosyncratic risks as well as low volatility of return on assets. These results are robust under different regression specifications. Our results support the hypothesis that women offer unique perspectives, experiences and styles of work that benefit firms and provide evidence for continuing government efforts to improve gender equality in Vietnam.

Keywords: CEO, female, gender, leadership, performance, risk

JEL Classification: O15, J71, G32, M51, D22

Suggested Citation

Vo, Lai Van and Nguyen, Hazel and Le, Huong T. T., Do Female CEOs Make a Difference? Evidence From Vietnam (July 2, 2019). Available at SSRN: or

Lai Van Vo (Contact Author)

Western Connecticut State University ( email )

Danbury, CT 06810
United States
203-837-9379 (Phone)

Hazel Nguyen

Southwestern University ( email )

1001 East University Avenue
Georgetown, TX 78626
United States

Huong T. T. Le

Northeastern Illinois University ( email )

Chiago, IL 60625
United States

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