Background: Efforts to promote gender equality have not yet resulted in sufficient representation of women in executive corporate roles. In the Nordic region, female CEOs continue to face heightened social expectations shaped by persistent gender stereotypes. These expectations can intensify during times of crisis, when leadership is scrutinized under pressure and investor responses may be amplified. Research suggests that female CEOs often attract increased public attention, which can influence both market behavior and stock price volatility. Therefore, understanding how gender shapes perceptions of leadership is crucial for analyzing market dynamics during periods of greater uncertainty. 

 Purpose: This study aims to examine whether the presence of a female CEO in Nordic listed companies influences stock price volatility during times of crisis. It also seeks to explore possible explanations for this through CEOs’ own descriptions of leadership. Using an explanatory sequential mixed-methods approach, the study intends to connect market reactions with gendered leadership expectations.

Method: To fulfill the purpose, the sequential mixed-methods approach was applied. The first phase consists of a quantitative analysis using a Difference-in-Differences approach to assess the relationship between female CEO leadership and stock price volatility during crises. Then, the qualitative phase involves semi-structured interviews with female CEOs to explore how their leadership and crisis management, aiming to contextualize and explain the quantitative results.

Conclusion: The findings showed no significant effect on stock price volatility during times of crisis when a female CEO was present. Interviews revealed leadership styles marked by calm, clarity, and collaboration, aligning with expert views on effective crisis management. These results challenge gendered assumptions and suggest that underrepresentation stems more from perception than capability.