Underrepresentation of Women CEOs

• 成果类型: Article; Early Access
• 署名作者: He, Li; Whited, Toni M.
• 署名单位: Universite Catholique de Lille; EDHEC Business School; University of Michigan System; University of Michigan; National Bureau of Economic Research
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhag077
• 发表日期: 2026-09-03
• 关键词: J16; J71; M51; G34; gender-differences; corporate governance; gap; DISCRIMINATION; OWNERSHIP; MARKET; MODEL; COMPENSATION; succession; turnover

摘要

Why do so few women become CEOs? To understand this glass ceiling, we estimate a dynamic model of the CEO gender decision, which contains perceived gender productivity differences, search costs reflecting limited female labor supply, and employer disutility from discrimination. The key factor is the shortage of suitable female candidates, as boards prefer hiring women, and productivity differences between genders are minimal. We find no evidence of a glass cliff in which women become CEOs just as firms are failing. While better governance is associated with women becoming CEOs, the importance of limited female labor supply is unrelated to governance.