This paper contributes to the literature by examining whether the age and gender of the firm's top executives influence market-based measures of firm risk. Using data on the S&P 1500 firms, we document that chief executive officer (CEO) and chief financial officer (CFO) age and gender have a direct effect on market-based firm risk measures in addition to the indirect influence they may have through corporate policy choices. Specifically, we find that firms led by older CEOs and CFOs have less volatile stock returns and lower idiosyncratic risk. Although the relationship between executive gender and firm risk is more equivocal, our results suggest that female-led firms are associated with lower levels of total and idiosyncratic risks after controlling for firm-specific attributes, policy choices, and managerial risk-taking incentives. We also document that CEO and CFO age and gender do not influence the level of systematic risk. Overall, our empirical findings demonstrate that the age and gender of the firm's top executives may have important implications for firm riskiness.

中文翻译：

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年龄、性别和冒险：来自标准普尔 1500 指数高管的证据和基于市场的公司风险衡量标准

本文通过研究公司高层管理人员的年龄和性别是否影响基于市场的公司风险衡量标准，为文献做出了贡献。使用标准普尔 1500 指数公司的数据，我们记录了首席执行官 (CEO) 和首席财务官 (CFO) 的年龄和性别除了可能通过公司政策产生的间接影响外，还对基于市场的公司风险措施产生直接影响选择。具体来说，我们发现由年长 CEO 和 CFO 领导的公司股票回报波动较小，特殊风险较低。尽管高管性别与公司风险之间的关系更加模棱两可，但我们的结果表明，在控制了公司特定属性、政策选择和管理风险承担激励措施后，女性领导的公司与较低水平的总风险和特殊风险相关。我们还记录了 CEO 和 CFO 的年龄和性别不会影响系统风险水平。总体而言，我们的实证研究结果表明，公司高管的年龄和性别可能对公司风险具有重要影响。