We propose and test a novel determinant of crash risk: gender congruence with the chief executive officer (CEO) or chief finance officer (CFO). To ensure the homogeneity of the analyzed companies, our study chooses a sample of 116 energy companies from 2007–2017, we find that the CEO–CFO gender congruence improve the quality of corporate information processing and corporate governance, which in turn inhibits corporate executives from hoarding bad news and ultimately reduces crash risk in energy companies. Further, we observe a significant negative impact of CEO–CFO gender congruence on crash risk in both traditional and new energy companies; while this effect is significant only in state-owned energy companies. Additionally, we explore two potential mechanisms for the impact of CEO–CFO gender congruence on the reduction of crash risk in energy companies. The results reveal that the effect of CEO–CFO gender congruence on reducing energy companies’ crash risk is stronger in companies with low information asymmetry and at weak level of external monitoring. Overall, this paper proposes an ”information processing” mechanism for same-sex CEO–CFOs and demonstrates the effect of CEO–CFO​ gender congruence on crash risk in energy companies. Our results highlight the importance of CEO–CFO association indicators on corporate decision-making and crash risk.

我们提出并测试了一个新的崩溃风险决定因素：与首席执行官 (CEO) 或首席财务官 (CFO) 的性别一致性。为确保分析公司的同质性，我们的研究选择了 2007-2017 年的 116 家能源公司作为样本，我们发现 CEO-CFO 的性别一致性提高了公司信息处理和公司治理的质量，进而抑制了公司高管从囤积坏消息并最终降低能源公司的崩溃风险。此外，我们观察到 CEO-CFO 性别一致性对传统和新能源公司崩溃风险的显着负面影响；而这种影响只在国有能源公司中显着。此外，我们探讨了 CEO-CFO 性别一致性对降低能源公司崩溃风险的影响的两种潜在机制。结果表明，在信息不对称程度较低和外部监控水平较弱的公司中，CEO-CFO性别一致性对降低能源公司崩溃风险的作用更强。总体而言，本文提出了一种针对同性 CEO-CFO 的“信息处理”机制，并展示了 CEO-CFO 性别一致性对能源公司崩溃风险的影响。我们的结果强调了 CEO-CFO 关联指标对公司决策和崩溃风险的重要性。本文提出了一种针对同性 CEO-CFO 的“信息处理”机制，并展示了 CEO-CFO 性别一致性对能源公司崩溃风险的影响。我们的结果强调了 CEO-CFO 关联指标对公司决策和崩溃风险的重要性。本文提出了一种针对同性 CEO-CFO 的“信息处理”机制，并展示了 CEO-CFO 性别一致性对能源公司崩溃风险的影响。我们的结果强调了 CEO-CFO 关联指标对公司决策和崩溃风险的重要性。