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A Peer-reviewed scientific articles/A1 Journal article (refereed), original research
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Do activist hedge funds target female CEOs? The role of CEO gender in hedge fund activism, Journal of Financial Economics 1 ; July (2021). Francis, Bill B.; Hasan, Iftekhar; Shen, Yinjie (Victor); Wu, Qiang

Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
All authors as text Francis, Bill B.; Hasan, Iftekhar; Shen, Yinjie (Victor); Wu, Qiang 
Number of authors
Status Published
Year of publication 2021 
Date 27.02.2021 
Name of article Do activist hedge funds target female CEOs? The role of CEO gender in hedge fund activism 
Name of journal Journal of Financial Economics
Volume of issue 141 
Number of issue 1 ; July 
Pages 372-393 
Abstract Using a comprehensive US hedge fund activism dataset from 2003 to 2018, we find that activist hedge funds are about 52% more likely to target firms with female CEOs compared to firms with male CEOs. We find that firm fundamentals, the existence of a “glass cliff,” gender discrimination bias, and hedge fund activists’ inherent characteristics do not explain the observed gender effect. We also find that the transformational leadership style of female CEOs is a plausible explanation for this gender effect: instead of being self-defensive, female CEOs are more likely to communicate and cooperate with hedge fund activists to achieve intervention goals. Finally, we find that female-led targets experience greater increases in market and operational performance subsequent to hedge fund targeting.
Free text descriptor in Finnish toimitusjohtajat; naiset; yritykset; sijoitusrahastot; johtaminen; johtajat; yhteistyö; viestintä 
Free text descriptor in English Hedge fund activism, Female CEOs, Transformational leadership style, Collaborative communication, Cooperation 
JEL-codes G23, G34, J16 
ISSN / e-ISSN 0304-405X 
auki Internet addresses
Additional information Available online 27 February 2021.
Open Access Not known