Are female CEOs associated with lower insolvency risk? Evidence from the US property‐casualty insurance industry

Jing LI, Jiang CHENG*

*Corresponding author for this work

Research output: Journal PublicationsJournal Article (refereed)peer-review

1 Citation (Scopus)


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.
Original languageEnglish
Pages (from-to)941-973
Number of pages33
JournalJournal of Risk and Insurance
Issue number4
Early online date31 Jul 2023
Publication statusPublished - Dec 2023

Bibliographical note

Publisher Copyright:
© 2023 American Risk and Insurance Association.


  • capitalization
  • female CEO
  • female directors
  • insolvency risk
  • political conservatism

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