Nexus between geopolitical risk, female CEOs and firm performance relationship: an international evidence

IF 1.9 Q2 BUSINESS, FINANCE Managerial Finance Pub Date : 2024-08-30 DOI:10.1108/mf-05-2024-0353

Siddhartha Barman, Jitendra Mahakud

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Abstract

Purpose

The purpose of this study is to examine the nexus between geopolitical risk, female CEOs and firm performance through a cross-country analysis.

Design/methodology/approach

The study period ranges from 2014 to 2021, and the dataset uses an unbalanced panel of 4,955 companies across 50 nations comprising both developed and emerging economies. Our study has employed a fixed-effect panel regression model, to examine this issue. This analysis was supplemented with applying a dynamic panel technique, i.e. System generalized method of moments (SGMM), to address any endogeneity problems.

Findings

The study reveals that female CEOs positively impact firm performance, while geopolitical risks decrease it. Gender plays a significant role in this relationship, with firms with female executives tending to make conservative financial decisions amidst increased risks. The study also shows that geopolitical threats (GPRT) have a greater impact on female CEOs-firm performance relationship in developed nations.

Originality/value

This study is a new investigation that explores the intertwining relationship between geopolitical risk, female CEOs and firm performance across the countries.

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地缘政治风险、女性首席执行官与公司业绩关系之间的关联：国际证据

本研究的目的是通过跨国分析，研究地缘政治风险、女性首席执行官和公司业绩之间的关系。研究时间跨度为 2014 年至 2021 年，数据集采用了一个非平衡面板，包含 50 个国家的 4,955 家公司，其中既有发达国家，也有新兴经济体。我们的研究采用了固定效应面板回归模型来检验这一问题。研究结果表明，女性首席执行官会对公司业绩产生积极影响，而地缘政治风险则会降低公司业绩。性别在这种关系中起着重要作用，女性高管的公司在风险增加的情况下倾向于做出保守的财务决策。研究还表明，在发达国家，地缘政治威胁（GPRT）对女性首席执行官与公司业绩之间的关系影响更大。原创性/价值本研究是一项新的调查，探讨了地缘政治风险、女性首席执行官和各国公司业绩之间的交织关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Managerial Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

12.50%

发文量

103

期刊介绍： Managerial Finance provides an international forum for the publication of high quality and topical research in the area of finance, such as corporate finance, financial management, financial markets and institutions, international finance, banking, insurance and risk management, real estate and financial education. Theoretical and empirical research is welcome as well as cross-disciplinary work, such as papers investigating the relationship of finance with other sectors.