The Effect of Chief Executive Officer Gender on Stock Price Crash Risk: Evidence from Listed Firms on the Tehran Stock Exchange

This study investigates the effect of Chief Executive Officer (CEO) gender on stock price crash risk in firms listed on the Tehran Stock Exchange. Using data from ۸۲ companies over the ۲۰۱۲–۲۰۲۴ period and a panel-data regression methodology, we measure crash risk using three established proxies: negative skewness of returns, Down-to-Up Volatility (DUVOL) (also known as asymmetric volatility), and asymmetric variance. The results reveal that CEO gender does not have a significant effect on the first two measures; however, it significantly influences asymmetric volatility. It suggests that while the presence of female CEOs does not necessarily prevent a sudden stock price crash, it can help moderate return volatility and enhance corporate governance through greater transparency and conservative reporting practices. These findings underscore the importance of promoting gender diversity in top management to improve investor confidence and promote stability in the capital market.This study investigates the effect of Chief Executive Officer (CEO) gender on stock price crash risk in firms listed on the Tehran Stock Exchange. Using data from ۸۲ companies over the ۲۰۱۲–۲۰۲۴ period and a panel-data regression methodology, we measure crash risk using three established proxies: negative skewness of returns, Down-to-Up Volatility (DUVOL) (also known as asymmetric volatility), and asymmetric variance. The results reveal that CEO gender does not have a significant effect on the first two measures; however, it significantly influences asymmetric volatility. It suggests that while the presence of female CEOs does not necessarily prevent a sudden stock price crash, it can help moderate return volatility and enhance corporate governance through greater transparency and conservative reporting practices. These findings underscore the importance of promoting gender diversity in top management to improve investor confidence and promote stability in the capital market.

کلیدواژه ها:

Ownership structure ، Chief executive officer gender ، Stock price crash risk