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...
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| Main Authors: | , , , |
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| 格式: | text |
| 語言: | English |
| 出版: |
Animo Repository
2017
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| 主題: | |
| 在線閱讀: | https://animorepository.dlsu.edu.ph/etd_bachelors/9053 |
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| 機構: | De La Salle University |
| 語言: | English |
| 總結: | 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. |
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