DO FEMALE EXECUTIVES MAKE A DIFFERENCE? THE IMPACT OF FEMALE LEADERSHIP ON GENDER GAPS AND FIRM PERFORMANCE

• 成果类型: Article
• 署名作者: Flabbi, Luca; Macis, Mario; Moro, Andrea; Schivardi, Fabiano
• 署名单位: University of North Carolina; University of North Carolina Chapel Hill; Johns Hopkins University; National Bureau of Economic Research; Vanderbilt University; Universita Ca Foscari Venezia; Luiss Guido Carli University; Center for Economic & Policy Research (CEPR)
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/uez012
• 发表日期: 2019
• 页码: 2390-2423
• 关键词: corporate leadership; management-practices; REPRESENTATION; WORKPLACE; boards; women; style; DISCRIMINATION; PRODUCTIVITY; diversity

摘要

We investigate the effects of female executives on gender-specific wage distributions and firm performance. Female leadership has a positive impact at the top of the female wage distribution and a negative impact at the bottom. The impact of female leadership on firm performance increases with the share of female workers. We account for the endogeneity induced by non-random executives' gender by including firm fixed-effects, by generating controls from a two-way fixed-effects regression and by using instruments based on regional trends. The findings are consistent with a model of statistical discrimination in which female executives are better at interpreting signals of productivity from female workers. This suggests substantial costs of women under-representation among executives.