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The Gender Gap Among Top Business Executives

Author

Listed:
  • Wolfgang Keller
  • Teresa Molina
  • William W. Olney

Abstract

This paper examines gender differences among top US business executives using a large executive-employer matched data set spanning the last quarter century. Female executives make up 6% of the sample and exhibit more labor market churning — both higher entry and higher exit rates. Unconditionally, women earn 26% less than men, which decreases to 8% once executive characteristics, firm characteristics, and in particular job title are accounted for. We find that female executives are disproportionately represented in firms with more temporal flexibility and female-friendly corporate cultures, but this does not explain the gender pay gap. Rather, corporate culture is correlated with gender pay gaps within firms; specifically the within-firm gender pay gap is significantly smaller at female-friendly firms.

Suggested Citation

  • Wolfgang Keller & Teresa Molina & William W. Olney, 2020. "The Gender Gap Among Top Business Executives," NBER Working Papers 28216, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:28216
    Note: CF LS
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    Cited by:

    1. Corekcioglu, Gozde & Francesconi, Marco & Kunze, Astrid, 2024. "Expansions in paid parental leave and mothers’ economic progress," European Economic Review, Elsevier, vol. 169(C).
    2. Bharti Nandwani & Punarjit Roychowdhury, 2024. "Property inheritance rights and female political participation in India," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2024-012, Indira Gandhi Institute of Development Research, Mumbai, India.
    3. Tomás R. Martinez & Antonio Martins-Neto & Ursula Mello, 2024. "Gender and Top Lifetime Earnings Inequality: Ten New Facts from Brazil," Business and Economics Working Papers 242, Unidade de Negocios e Economia, Insper.
    4. Ahmed, Shaker & Ranta, Mikko & Vähämaa, Emilia & Vähämaa, Sami, 2023. "Facial attractiveness and CEO compensation: Evidence from the banking industry," Journal of Economics and Business, Elsevier, vol. 123(C).
    5. Khoo, Joye & Cheung, Adrian (Wai Kong), 2024. "Subordinate executives’ horizon and cash holdings," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    6. repec:mcd:mcddps:2024_09 is not listed on IDEAS
    7. Krafft, Caroline, 2025. "Do employers discriminate against married women? Evidence from a field experiment in Egypt," Journal of Development Economics, Elsevier, vol. 174(C).
    8. Raina, Gurdeep Singh & Sahaym, Arvin & Sheppard, Leah D., 2024. "The more the merrier? Exploring the effect of women on boards on the gender pay gap in top management teams," Journal of Business Research, Elsevier, vol. 180(C).

    More about this item

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M52 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Compensation and Compensation Methods and Their Effects

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