Gender differences in executive compensation: Variation with board gender composition and time
AbstractThis paper uses EXECUCOMP, COMPUSTAT and Investor's Responsibility Resource Center data to examine gender differences in executive salaries and total compensation from 1996 to 2004. We find that the salaries of female executives are about 5 percent lower than those of male executives, controlling for executive, firm, and board characteristics, and that the gap exists primarily in the lower officer ranks, where women are relatively highly concentrated. The gender difference in salary is larger in firms with more male-dominated boards; perhaps not coincidentally, such firms are also found to have fewer female executives in top managerial positions as well as lower probabilities of having any top female executives at all. The results of Oaxaca wage decompositions suggest that, although the magnitude of the gender difference decreases slightly over the sample period, the share of the gender difference that is due to unobserved factors remains basically steady or even increases. Thus, although women have become better represented in top executive jobs in recent decades, their relative salaries remain below those of men, possibly due in part to governance structures that remain male-dominated.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economics and Business.
Volume (Year): 63 (2011)
Issue (Month): 1 ()
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Web page: http://www.elsevier.com/locate/jeconbus
Executive compensation; Gender differences; Wage decompositions;
Find related papers by JEL classification:
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
- J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
- J44 - Labor and Demographic Economics - - Particular Labor Markets - - - Professional Labor Markets and Occupations
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- Hirsch, Boris, 2013. "The impact of female managers on the gender pay gap: Evidence from linked employer–employee data for Germany," Economics Letters, Elsevier, vol. 119(3), pages 348-350.
- Bugeja, Martin & Matolcsy, Zoltan P. & Spiropoulos, Helen, 2012. "Is there a gender gap in CEO compensation?," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 849-859.
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