At the table but can not break through the glass ceiling:Board leadership positions elude diverse directors

• 成果类型: Article
• 署名作者: Field, Laura Casares; Souther, Matthew E.; Yore, Adam S.
• 署名单位: University of Delaware; University of South Carolina System; University of South Carolina Columbia; University of Missouri System; University of Missouri Columbia
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2020.04.001
• 发表日期: 2020
• 关键词: Boards of directors; diversity; GENDER; women; minorities; Chairman of the board; Board committees; Director compensation; pay gap; Leadership gap; Underrepresentation; Committee chair

摘要

We explore the labor market effects of gender and race by examining board leadership appointments. Prior studies are often limited by observing only hired candidates, whereas the boardroom provides a controlled setting where both hired and unhired candidates are observable. Although diverse (female and minority) board representation has increased, diverse directors are significantly less likely to serve in leadership positions despite possessing stronger qualifications than nondiverse directors. While specialized skills such as prior leadership or finance experience increase the likelihood of appointment, that likelihood is reduced for diverse directors. Additional tests provide no evidence that diverse directors are less effective. (C) 2020 Elsevier B.V. All rights reserved.