Rea Press null Rea Press 3042-0210 3042-0210 Rea Press https://doi.org/10.22105/aaa.v3i1.92 Research Article Ownership structure, Chief executive officer gender, Stock price crash risk The Effect of Chief Executive Officer Gender on Stock Price Crash Risk: Evidence from Listed Firms on the Tehran Stock ExchangeThe Effect of Chief Executive Officer Gender on Stock Price Crash Risk: Evidence from Listed Firms on the Tehran Stock Exchange Fakhrhosseini Seyed Fakhreddin Department of Market and Business, Ka.C, Islamic Azad University, Karaj, Iran. Naserhojjati Rudsari Rasoul Department of Accounting, Management and Accounting Faculty, Islamic Azad University Tonekabon Branch, Tonekabon, Iran. 03 2026 20 03 2026 3 1 © 2026 Rea Press 2026

This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

 The Effect of Chief Executive Officer Gender on Stock Price Crash Risk: Evidence from Listed Firms on the Tehran Stock Exchange

This study investigates the effect of Chief Executive Officer (CEO) gender on stock price crash risk in firms listed on the Tehran Stock Exchange. Utilizing data from 82 companies over the 2012–2023 period and employing a panel data regression methodology, we measure crash risk using three established proxies: the negative skewness of returns, down-to-up volatility (also known as asymmetric volatility), and asymmetric variance. The results reveal that CEO gender does not have a significant effect on the first two measures; however, it significantly influences asymmetric volatility. This suggests that while the presence of female CEOs does not necessarily prevent a sudden stock price crash, it can contribute to moderating return volatility and enhancing corporate governance through greater transparency and conservative reporting practices. These findings underscore the importance of promoting gender diversity in top management to improve investor confidence and promote stability in the capital market.

null