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Underrepresentation of female CEOs in China: The role of culture, market forces, and foreign experience of directors

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  • Liu, Haiming
  • Liang, Quanxi
  • Ling, Leng

Abstract

We investigate the effect of a specific aspect of national culture on the selection of female Chief Executive Officers (CEOs) in Chinese companies. Exploring a sample of 2519 listed firms for the period 2008–2017, we find that firms located in regions that are more demonstrably influenced by Confucianism, which promulgates female subordination to men, are less likely to select female CEOs. In addition, although female CEOs measurably outperform male counterparts, they receive lower pay. We also find that the extent of competition in product markets and the directors’ foreign experience moderate the effect of Confucian culture on CEO gender inequality.

Suggested Citation

  • 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).
    • Handle: RePEc:eee:riibaf:v:63:y:2022:i:c:s0275531922001799
    DOI: 10.1016/j.ribaf.2022.101793
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    Keywords

    Female CEO; Gender inequality; Culture; Foreign experience;
    All these keywords.

    JEL classification:

    • D10 - Microeconomics - - Household Behavior - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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