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The effect of CEO gender and CEO apologies on investor judgments

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  • Kelton, Andrea Seaton

Abstract

Despite their growing representation, female CEOs continue to face more severe evaluations than male CEOs. Female CEOs undertake additional actions, such as apologizing, to mitigate this bias, although research shows these efforts are not always effective. Drawing from research on gender stereotypes, this study investigates whether CEO gender moderates the effect of a CEO apology on investors' evaluations of the CEO. Results show that a CEO apology generally improves investor evaluations of the CEO, with the strongest effect observed for the male CEO. While a female CEO's apology has limited influence on investor judgments of her performance, it enhances investor perceptions of the firm's investment attractiveness. In contrast, a male CEO's apology improves investment attractiveness by improving investor evaluations of his performance. These findings offer novel insights into gender bias in investor decision making and have implications for gender equity in corporate leadership.

Suggested Citation

  • Kelton, Andrea Seaton, 2026. "The effect of CEO gender and CEO apologies on investor judgments," Advances in accounting, Elsevier, vol. 70(C).
    • Handle: RePEc:eee:advacc:v:70:y:2026:i:c:s088261102600009x
    DOI: 10.1016/j.adiac.2026.100874
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