Do Women CEOs Face Greater Threat of Shareholder Activism Compared to Male CEOs? A Role Congruity Perspective

• 成果类型: Article
• 署名作者: Gupta, Vishal K.; Han, Seonghee; Mortal, Sandra C.; Silveri, Sabatino (Dino); Turban, Daniel B.
• 署名单位: University of Alabama System; University of Alabama Tuscaloosa; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; University of Alabama System; University of Alabama Tuscaloosa; University of Memphis; University of Missouri System; University of Missouri Columbia
• 刊物名称: JOURNAL OF APPLIED PSYCHOLOGY
• ISSN/ISSBN: 0021-9010
• DOI: 10.1037/apl0000269
• 发表日期: 2018
• 页码: 228-236
• 关键词: role congruity theory; GLASS CLIFF; GENDER; SHAREHOLDER ACTIVISM; ceo

摘要

We examine the glass cliff proposition that female CEOs receive more scrutiny than male CEOs, by investigating whether CEO gender is related to threats from activist investors in public firms. Activist investors are extraorganizational stakeholders who, when dissatisfied with some aspect of the way the firm is being managed, seek to change the strategy or operations of the firm. Although some have argued that women will be viewed more favorably than men in top leadership positions (so-called female leadership advantage logic), we build on role congruity theory to hypothesize that female CEOs are significantly more likely than male CEOs to come under threat from activist investors. Results support our predictions, suggesting that female CEOs may face additional challenges not faced by male CEOs. Practical implications and directions for future research are discussed.