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Board Diversity And Ceo Selection

Author

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  • Atul Gupta
  • Kartik Raman

Abstract

type="main" xml:lang="en"> We find that the likelihood of a female CEO appointment increases with the proportion of female directors on the board. However, this positive relation is significant only in the subsample of firms where one of the directors is appointed CEO, and is insignificant in firms where the new CEO is not from the board. The results are consistent with the explanation that female directors constitute a supply of viable candidates for the CEO position, rather than female directors affecting the likelihood of female CEO appointments by interpreting noisy signals about the abilities of female candidates.

Suggested Citation

  • Atul Gupta & Kartik Raman, 2014. "Board Diversity And Ceo Selection," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 37(4), pages 495-518, December.
    • Handle: RePEc:bla:jfnres:v:37:y:2014:i:4:p:495-518
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    Citations

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    Cited by:

    1. Liu, Haiming & Liang, Quanxi & Ling, Leng, 2022. "Underrepresentation of female CEOs in China: The role of culture, market forces, and foreign experience of directors," Research in International Business and Finance, Elsevier, vol. 63(C).
    2. Elshandidy, Tamer & Bamber, Matthew & Omara, Hossam, 2024. "Across the faultlines: A multi-dimensional index to measure and assess board diversity," International Review of Financial Analysis, Elsevier, vol. 93(C).
    3. Elkinawy, Susan & Hibbert, Ann Marie & Talukdar, Bakhtear, 2023. "Gender differences in CEO risk tolerance: A look at fixed pay," Global Finance Journal, Elsevier, vol. 57(C).
    4. Nguyen, Thi Hong Hanh & Ntim, Collins G. & Malagila, John K., 2020. "Women on corporate boards and corporate financial and non-financial performance: A systematic literature review and future research agenda," International Review of Financial Analysis, Elsevier, vol. 71(C).
    5. Qu, Zihao & Zhang, Guang, 2025. "The response of firm performance to female official leadership," Pacific-Basin Finance Journal, Elsevier, vol. 94(C).
    6. Rovelli, Paola & Mismetti, Marco, 2025. "Breaking the TMT glass ceiling: Myth or reality? Female CEOs, decision authority, and family firms," Journal of Business Research, Elsevier, vol. 192(C).
    7. Ismaanzira Ismail*, 2025. "Political Connection Firms, Female Directors and the Appointment of Female Executives: Evidence from an Emerging Country," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(5), pages 2958-2977, May.
    8. Danny Miller & Zhenyang Tang & Xiaowei Xu & Isabelle Breton-Miller, 2022. "Are Socially Responsible Firms Associated with Socially Responsible Citizens? A Study of Social Distancing During the Covid-19 Pandemic," Journal of Business Ethics, Springer, vol. 179(2), pages 387-410, August.
    9. Dongliang Yuan & Duo Shang & Xinmei Wu, 2024. "Board diversity and stock price crash risk: exacerbate or mitigate," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-11, December.
    10. Andrey Zagorchev, 2024. "An international study of board gender diversity and corporate governance," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 48(4), pages 1053-1077, December.

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