Do Female CEOs Make a Difference in Firm Operations? Evidence from Vietnam
Accounting & Finance, Forthcoming
42 Pages Posted: 18 Sep 2019 Last revised: 31 Jan 2023
Date Written: July 2, 2019
This paper examines the effect of gender in corporate leadership on the performance and risk of 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 lower volatility in their returns on assets. These results are robust under different regression specifications. Our results support the hypothesis that women offer unique perspectives, experiences, and work styles that benefit firms and that 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: Suggested Citation