Mulheres CROs: uma análise sobre os determinantes da contratação de uma CRO e a influência do gênero na gestão de risco

Abstract

This article investigated the probability of a woman assuming a Chief Risk Officer (CRO) position in financial institutions in the United States. It also analyzed if exist significant differences in the variables linked to the Enterprise Risk Management (ERM) between companies whose risk executive position is occupied by different genders. The variable of interest in the research consisted of a dummy = 1, when the CRO position was held by a woman in a specific year. The sample consisted of 190 banks (1,128 observations considering company/year, organized in an unbalanced dashboard), which operated along 2008 until 2018. The analyzes occurred through nonlinear probability models, Logit and Probit, and through of the differences between the means of the study control variables segregated by gender. It was concluded that female CROs on average are younger and have less experience than men who hold the position, and as their age increases the probability of being hired to head risk management it is smaller. About the financial result variables of banks; highlights on leverage which indicate that more leveraged banks are more likely to hire a female CRO going against to the traditional literature about the topic that considers women conservative and more opposed to risks when compared to men. This idea is reaffirmed in the turnover analysis where it was observed that the input of a female CRO after the departure of a man results in greater leverage which is maintained for a period of two years after her appointment.