The replacement of the CEO is one of the first actions a troubled company may take to recover from a critical situation. In this paper, we analyze the change in firm risk and firm risk perception when women are replacing men as CEOs of troubled companies. The analyses are based on a comprehensive dataset covering all registered companies in Norway from 2005 to 2014. We argue that a new woman CEOs increase the chances of improving the risk situation of troubled companies. Building on CEO succession and social identity theories, we study the firm risk situation under the lenses of risk perception and firm risk, and we find that a newly appointed woman CEO, following a man, tend to decrease the level of risk of the company. Furthermore, we find counterbalancing effects on these changes given the moderation effect of women on the board.

更换首席执行官是一家陷入困境的公司从危急状况中恢复过来可能会采取的首批行动之一。在本文中，我们分析了当女性取代男性担任陷入困境的公司的首席执行官时，企业风险和企业风险感知的变化。这些分析基于涵盖2005年至2014年挪威所有注册公司的综合数据集。我们认为，新任女性CEO会增加改善陷入困境的公司的风险状况的机会。基于CEO继任和社会认同理论，我们在风险感知和公司风险的视角下研究了公司的风险状况，并且发现新任命的女性CEO跟着男性，往往会降低公司的风险水平。此外，考虑到女性在董事会中的适度影响，我们发现了这些变化的平衡作用。