Do Female CEOs Make a Difference? Evidence From Vietnam
41 Pages Posted: 18 Sep 2019
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
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