A part of the financial literature has attempted to explain idiosyncratic asset shocks through investor behavior in response to company news and events. As a result, there has been an increase in the development of different investor sentiment measurements. This paper analyses whether the Bloomberg investor sentiment index has a causal relationship with the abnormal returns and volume shocks of major European Union (EU) financial companies through a sample of 85 financial institutions over 4 years (2014–2018) on a daily basis. The i.i.d. shocks are obtained from a factorial asset pricing model and ARMA-GARCH-type process; then we checked whether there is both individual and joint causality between the standardized residuals. The results show that the explanatory capacity of the shocks of the firm Bloomberg sentiment index is low, although there is empirical evidence that the effects correspond more to the situation of the financial subsector (banks, real estate, financial services and insurance) than to the company itself, with which we conclude that the sentiment index analyzed reflects a sectorial effect more than individual one.

Purpose: The objective of the research is analyzing the behavior of volatility in insurers during two very different situations, COVID-19 and Brexit, and evaluating how the chief executive officer's (CEO) gender influences their capacity to cope with these events. Design/methodology/approach: The sample includes the listed insurers in the EUROSTOXX 600 from 2013 to 2024, on a daily basis, with a total of 3,047 observations per insurer by using a FIEGARCH-X model. Findings: The findings indicate that insurers experienced an increase in stock price volatility during crisis periods. Additionally, volatility was greater during the COVID-19 pandemic than during Brexit. Finally, during the Brexit and COVID-19 crises, volatility increases, but the rise is lower in insurers led by female CEOs. Research limitations/implications: This research underscores the importance of gender-diverse leadership in implementing prudent risk management strategies that foster stability. In this sense, insurers have been chosen as sample due to the limited literature published on this area, despite the importance it holds for the economic stability and financial protection of society. Originality/value: The novelty of this article lies first in its analysis of the insurers, which has been scarcely examined in literature despite its importance in the macroeconomic context. Moreover, the influence of female CEOs during economic crises has not been explored within this sector. The data were obtained from Bloomberg, which is rarely used in this type of research.

Purpose: This study examines gender inequality in corporate leadership as a strategic challenge and introduces the Glass Ceiling Indicator (GCI), a novel quantitative measure to assess disparities in executive roles within the US financial sector, linking diversity to performance and governance. Design/methodology/approach: An unbalanced panel data model is applied to the S&P 500 financial institutions (2020–2024). The GCI compares the proportion of women in executive and senior management roles to the overall proportion of female employees. Gender-related and financial variables are included, and the model is estimated using feasible generalized least squares (FGLS). Findings: Female CEO duality, greater hiring of women, and a narrower gender pay gap are linked to weaker glass ceiling effects, while firm size and return on assets also foster gender equality in leadership. Conversely, higher entry-level female representation and older CEO age correlate with stronger glass ceiling dynamics, underscoring the influence of strategic decisions and organizational structures on leadership diversity. Practical implications: Findings support inclusive recruitment, pay equity, and leadership structures as strategic levers to reduce gender barriers and enhance performance. Social implications: By making invisible barriers measurable, the study contributes to advancing gender equity and fostering inclusive corporate cultures. Originality/value: This research proposes the first empirically validated GCI applicable across firms and sectors. It offers a strategic framework for quantifying gender inequality and identifying organizational drivers of inclusive leadership.

Este artículo aborda la influencia del género en el rendimiento financiero de las startups digitales desde una perspectiva social, destacando disparidades y oportunidades en este sector. A través del análisis de datos de la base de datos Sistema de Análisis y Balances Ibéricos (SABI), se evalúan indicadores clave como el tamaño de la empresa, la rentabilidad, el apalancamiento y la eficiencia, utilizando técnicas de Propensity Score Matching (PSM) para una comparación justa entre empresas lideradas por hombres y mujeres. El estudio revela desafíos significativos para las empresarias, especialmente en términos del tamaño inicial de la empresa y el acceso a financiamiento. A pesar de estos obstáculos, se observa que las startups lideradas por mujeres muestran un sólido rendimiento financiero, enfatizando la importancia de un enfoque controlado para el tamaño de la empresa y otros factores. El artículo destaca que el acceso equitativo a la financiación es crucial para el desarrollo y la competitividad de las mujeres en el ámbito empresarial. Más allá de los aspectos financieros, este artículo se centra en la necesidad de políticas y apoyos financieros que aborden la brecha de género en el emprendimiento digital, resaltando el papel vital de la economía social en la promoción de la igualdad de género. Argumenta a favor de un mejor acceso al crédito y fomenta un ecosistema de apoyo que no solo mejore el éxito de los negocios liderados por mujeres, sino que también contribuya a un entorno emprendedor más inclusivo y equitativo. Este enfoque refuerza la importancia de la economía, desde su perspectiva social, en la creación de un terreno de juego nivelado para todos los emprendedores, independientemente de su género.