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Women-Led Firms and the Gender Gap in Top Executive Jobs

  • Bell, Linda A.

    ()

    (Haverford College)

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    Using data on Executive Compensation from Standard and Poor's ExecuComp, this paper explores the gender gap in top executive jobs and the effect of women CEOs, Chairs, and Directors on the pay of other women executives. The results show a narrowing of the uncorrected gender pay gap from the mid-1990s. Women top executives earn between 8% to 25% less than male executives after controlling for differences in company size, occupational title, and industry. The magnitude of the gender pay gap is statistically related to the gender of the Chief Executive and Corporate Board Chair. Women CEO and Board Chairs bring more top women and at higher pay than is found in non-women-led firms. Specifically, female executives in women-led firms earn between 10-20% more than comparable executive women in male-led firms and are between 3-18% more likely to be among the highest five paid executives in these firms as well. The paper thereby provides strong empirical evidence that women leaders are associated with positive outcomes for women executives in substantive and important ways.

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    File URL: http://ftp.iza.org/dp1689.pdf
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    Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 1689.

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    Length: 42 pages
    Date of creation: Jul 2005
    Date of revision:
    Handle: RePEc:iza:izadps:dp1689
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    1. Fuchs, Victor R, 1989. "Women's Quest for Economic Equality," Journal of Economic Perspectives, American Economic Association, vol. 3(1), pages 25-41, Winter.
    2. Marianne Bertrand & Kevin F. Hallock, 2001. "The Gender gap in top corporate jobs," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 55(1), pages 3-21, October.
    3. Lucian Bebchuk, 2005. "The Growth of Executive Pay," Oxford Review of Economic Policy, Oxford University Press, vol. 21(2), pages 283-303, Summer.
    4. Marianne Bertrand & Kevin F. Hallock, 2001. "The Gender Gap in Top Corporate Jobs," ILR Review, Cornell University, ILR School, vol. 55(1), pages 3-21, October.
    5. Susan Athey & Christopher Avery & Peter Zemsky, 1998. "Mentoring and Diversity," NBER Working Papers 6496, National Bureau of Economic Research, Inc.
    6. Francine D. Blau & Lawrence M. Kahn, 2000. "Gender Differences in Pay," NBER Working Papers 7732, National Bureau of Economic Research, Inc.
    7. Lucian Bebchuk & Alma Cohen & Allen Ferrell, 2009. "What Matters in Corporate Governance?," Review of Financial Studies, Society for Financial Studies, vol. 22(2), pages 783-827, February.
    8. Claudia Goldin, 2013. "A Pollution Theory of Discrimination: Male and Female Differences in Occupations and Earnings," NBER Chapters, in: Human Capital in History: The American Record, pages 313-348 National Bureau of Economic Research, Inc.
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