The Myth of Risk Aversion from Female Leadership – the Case of US High-Tech Sector

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	The Myth of Risk Aversion from Female Leadership – the Case of US High-Tech Sector
	LAI Rose Neng
	2023-11
Size of Audience	100
Type of Speaker	Keynote
Abstract	It has been evidenced for long that top corporate management is dominated by male, and that female leadership could often induce more prudent risk-taking. The same might not be true, however, when the corporation is in a “high risk high expected return” setting, such as high-tech. Using data of the S&P 1500 listed companies, we show that high-tech firms with female CEOs are inclined to take higher risks, but not with female directors on the boards. Results are robust to alternative identification strategy and risk measures. Additional analyses indicate that female directors mitigate firm riskiness by enhancing the likelihood of success in innovation, increasing the annual report readability and lowering volatility of firm-level profitability. Interestingly, corporations with female CEOs have higher ESG scores, suggesting that high risk-taking is perhaps for enhanced sustainability. Our findings thus provide interesting implication that, contrary to the strong association between female leaders and lower firm risk, female CEOs can enhance more adventurous and sustainable development of high-tech firms, which in turn facilitate better decision making when appointing executives and exercising corporate risk oversight.
Keyword	Female Leadership Female Ceos Board Of Directors Risk Aversion High-tech Sector
URL	View the original
Source Publication	Annual Financial Market Liquidity Conference
Conference Date	9-10 November, 2023
Conference Place	Budapest, Hungary
Language	英語English
Document Type	Presentation
Collection	University of Macau
Affiliation	University of Macau
First Author Affilication	University of Macau
Recommended Citation GB/T 7714	LAI Rose Neng. The Myth of Risk Aversion from Female Leadership – the Case of US High-Tech Sector[Z]. Annual Financial Market Liquidity Conference, 9-10 November, 2023.

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