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CEO gender and employee relations: Evidence from labor lawsuits

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  • Liu, Chelsea

Abstract

This study investigates the relationship between the gender of chief executive officers (CEOs) and firms’ employee relations, as proxied by labor lawsuits. Drawing on gender socialization, upper echelons, and stakeholder theories, this study hypothesizes that firms with female CEOs have superior employee relations. Using a hand-collected sample of 11,970 labor lawsuits filed against Standard & Poor's 1500 firms from 2001–2014, the empirical results show that firms led by female CEOs experience fewer labor lawsuits. The findings are robust to a series of additional analyses to alleviate endogeneity concerns. The evidence from this study provides novel insights into the role of female corporate leaders in the context of employee relations.

Suggested Citation

  • Liu, Chelsea, 2021. "CEO gender and employee relations: Evidence from labor lawsuits," Journal of Banking & Finance, Elsevier, vol. 128(C).
    • Handle: RePEc:eee:jbfina:v:128:y:2021:i:c:s0378426621000947
    DOI: 10.1016/j.jbankfin.2021.106136
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    2. Zuo, Junqing & Zhang, Wei & Hu, Mingya & Feng, Xu & Zou, Gaofeng, 2022. "Employee relations and stock price crash risk: Evidence from employee lawsuits," International Review of Financial Analysis, Elsevier, vol. 82(C).
    3. Ioannis Passas & Konstantina Ragazou & Eleni Zafeiriou & Alexandros Garefalakis & Constantin Zopounidis, 2022. "ESG Controversies: A Quantitative and Qualitative Analysis for the Sociopolitical Determinants in EU Firms," Sustainability, MDPI, vol. 14(19), pages 1-17, October.
    4. Wang, Li-Hsun & Fung, Hung-Gay, 2022. "The effect of female CEO and CFO on tail risk and firm value," Finance Research Letters, Elsevier, vol. 47(PB).
    5. Sudipta Bose & Sarowar Hossain & Abdus Sobhan & Karen Handley, 2022. "Does female participation in strategic decision‐making roles matter for corporate social responsibility performance?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(3), pages 4109-4156, September.
    6. Tunyi, Abongeh A. & Areneke, Geofry & Tob-Ogu, Abiye & Khalid, Sharif, 2023. "Doing more with more: Women on the board and firm employment," Journal of Business Research, Elsevier, vol. 154(C).
    7. Ying Zhang & Yuting Guo & Aiman Nurdazym, 2023. "How do female CEOs affect corporate environmental policies?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(1), pages 459-472, January.

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    More about this item

    Keywords

    Female CEOs; Labor lawsuits; Corporate litigation; Employee relations;
    All these keywords.

    JEL classification:

    • K31 - Law and Economics - - Other Substantive Areas of Law - - - Labor Law
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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