Underrepresentation without underperformance? Female CEOs firm performance during crises in the Nordic context

Abstract

This thesis examines whether Nordic listed firms led by female CEOs differ in performance compared to male-led firms, with a particular focus on crisis periods. The analysis covers the period 2020-2025, focusing on the COVID-19 crisis and the 2025 Liberation Day tariff shock. The initial sample consists of all publicly listed firms on the Nordic stock markets, a total of 1,500 firms. Firm performance is evaluated using both accounting-based and market-based measures. Return on Assets (ROA) is analysed using pooled Ordinary Least Squares (OLS) regressions, while Buy-and-Hold Abnormal Returns (BHAR) are evaluated through cross sectional regressions combined with Propensity Score Matching (PSM). ROA provides mixed findings regarding the relationship between CEO gender and firm performance, while BHAR yields more consistently positive estimates for female-led firms during crisis periods, particularly after matching. However, these effects remain statistically insignificant. Overall, the findings indicate no clear systematic differences in performance between female- and male-led firms, suggesting that the substantial underrepresentation of female CEOs in Nordic listed firms is unlikely to be motivated by performance differences.