By differentiating managerial risk-taking into economic and relational dimensions, we revisit the relationship between CEO gender and managerial risk-taking behaviors. Grounded in the perspective of social role theory and prospect theory, we predict that compared with their male counterparts, female CEOs tend to take more economic risks but fewer relational risks. These relationships are stronger for female CEOs with low personal status compared to industry peers and for low-status firms. An analysis using a sample of 5,791 US firm-year observations over a 14-year period strongly supports our predictions. Our research sheds light on the complex interplay between gender roles, status, and the framework of risk-taking, especially in the context of economic risks and relational risks.
