Influence of gender of newly appointed CEO on capital market risk and stock returns of selected countries
Although there is a scarce number of females assuming top management positions, the position of chief executive officer (CEO) is not exclusive to one gender. However, gender stereotypes can affect the perception and decision-making of market investors. Using a matched sample of newly appointed male...
Saved in:
| Main Authors: | , , , |
|---|---|
| Format: | text |
| Language: | English |
| Published: |
Animo Repository
2017
|
| Subjects: | |
| Online Access: | https://animorepository.dlsu.edu.ph/etd_bachelors/9053 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Institution: | De La Salle University |
| Language: | English |
| Summary: | Although there is a scarce number of females assuming top management positions, the position of chief executive officer (CEO) is not exclusive to one gender. However, gender stereotypes can affect the perception and decision-making of market investors. Using a matched sample of newly appointed male and female CEOs in Malaysia, Indonesia and the Philippines from 2005-2015, the study aimed to determine the influence of a CEO gender on stock returns and capital market risks of publicly-listed firms. The results showed that the markets of Malaysia, Indonesia and the Philippines produced significant stock returns upon the appointment of a new male CEO. Inversely, insignificant stock returns were identified with the appointment of a new female CEO. The shifts/changes in capital market risks, namely total risk, market risk and idiosyncratic risk, were distinct among the three countries. The assumption that women tend to be more risk-averse compared to men is not ascertained. |
|---|