Are female CEOs associated with lower insolvency risk? Evidence from the US property‐casualty insurance industry
研究美国财产责任保险公司中女性CEO与破产风险的关系，发现女性CEO与较低的破产概率、更高的Z值及更低的资产收益率标准差相关，且该影响受资本化、女性董事比例和州政治保守主义调节。
Abstract This paper investigates the relationship between female CEOs and insolvency risk of US property‐casualty insurance companies. We show that female CEOs are associated with lower insurer insolvency propensity, higher z ‐score, and lower standard deviation of return on assets. These findings are robust to alternative econometric specifications to address potential endogeneity concerns and self‐selection issues, including propensity score matching, the instrumental variable approach, and the difference‐in‐difference approach. Furthermore, we find that the impact of female CEOs on insurer insolvency risk is moderated by firm capitalization, the presence of female directors, and political conservatism of insurers' home states.