Rea Press null Rea Press3042-02103042-0210 Rea Press https://doi.org/10.22105/aaa.v3i1.93 Research Article Ownership structure, Chief executive officer gender, Stock price crash risk Examining the Impact of Government Subsidies on Export Performance: The Mediating Role of Competitive CapabilitiesExamining the Impact of Government Subsidies on Export Performance: The Mediating Role of Competitive Capabilities Molaei Eial Zoleh Ali Department of Accounting, Payame Noor University, Tehran, Iran. Bashir Mostafa Department of Accounting, Payame Noor University, Tehran, Iran. Shirzadi Yaser Department of Accounting, Payame Noor University, Tehran, Iran. Parandin Kaveh Department of Accounting, Payame Noor University, Tehran, Iran. 03 2026 15 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.

 Examining the Impact of Government Subsidies on Export Performance: The Mediating Role of Competitive Capabilities

This study investigates the effect of Chief Executive Officer (CEO) gender on stock price crash risk in firms listed on the Tehran Stock Exchange. Using data from 82 companies over the 2012–2024 period and a panel-data regression methodology, we measure crash risk using three established proxies: negative skewness of returns, Down-to-Up Volatility (DUVOL) (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. It suggests that while the presence of female CEOs does not necessarily prevent a sudden stock price crash, it can help moderate return volatility and enhance 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