Search results

1 – 10 of over 7000
Article
Publication date: 15 July 2022

Jiyeun Hong and Su-In Kim

This study aims to examine the moderating effect of co-CEO power gaps on the impact of female executives on firm value. Several studies have suggested that female

Abstract

Purpose

This study aims to examine the moderating effect of co-CEO power gaps on the impact of female executives on firm value. Several studies have suggested that female executives have a positive effect on improving firm value. The authors would like to examine whether this relationship changes because of co-CEO power gaps.

Design/methodology/approach

For empirical analysis, 426 non-financial companies are selected from companies listed in the Korean securities market from 2013 to 2018. The relationships between dummy variables of female CEOs, outside directors, registered executives and Tobin’s Q are examined, and the moderating effect of co-CEO power gaps that scored various factors is verified.

Findings

The results of this study show that female executives have a positive impact on firm value, but the larger the co-CEOs power gap is, the weaker that impact is.

Practical implications

The mutual monitoring of co-CEOs substitutes for governance mechanisms, but if there are power gaps between co-CEOs, then the leadership cannot be equitably shared and the mutual monitoring effect can be weakened.

Originality/value

This study contributes to research on corporate executives by analyzing the relationship between female executives related to shared leadership and firm values in Korean companies. Especially, this study finds that the role of female executives is differentiated according to co-CEO power gaps by using the CEO power index that reflects the characteristics of Korean corporate governance.

Details

Gender in Management: An International Journal , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1754-2413

Keywords

Article
Publication date: 9 September 2021

Kofi Mintah Oware, Abdul-Aziz Iddrisu, Thomas Worae and Jennifer Ellah Adaletey

This study aims to use the gender socialization theory, critical mass theory and legitimacy theory to examine the female gender and environmental disclosure of family and…

Abstract

Purpose

This study aims to use the gender socialization theory, critical mass theory and legitimacy theory to examine the female gender and environmental disclosure of family and non-family-controlled firms in India.

Design/methodology/approach

A sample size of 783 and 177 firm-year observations for family and non-family-controlled firms, respectively, between 2009 and 2020 uses descriptive statistics, a test of difference in means and panel regression with random effect assumptions for data interpretation.

Findings

The descriptive statistics show a significant mean difference between family-controlled firms and non-family-controlled firms in India. The first findings show that female chief executive officers (CEOs) and CEO duality have a positive and statistically significant association with environmental disclosure in a family-controlled firm but not in non-family-controlled firms in India. The second findings show that independent female directors have no significant association with environmental disclosure of family and non-family firms in India. The fourth findings with critical mass theory confirm the insignificant association of female directors on environmental disclosure of family and non-family firms in India. The results are robust to controlling firm-level variables.

Practical implications

Firms in the Indian context, through this study, assure stakeholders that family firms are better at improving stakeholder’s expectation of environmental accountability than non-family firms, especially where female CEOs are in charge.

Originality/value

This study adds the family perspective of the relationship between female CEOs and the environmental disclosure of listed firms in India. Also, female CEO duality and environmental disclosure add novelty to the research studies on gender and environmental disclosure.

Details

Management Research Review, vol. 45 no. 6
Type: Research Article
ISSN: 2040-8269

Keywords

Article
Publication date: 30 November 2021

Amanda Grossman, Christine Naaman and Najib Sahyoun

The purpose of this study is to evaluate the tempering effect of the presence of a female chief financial officer (CFO) on potentially dominant chief executive officer (CEO

Abstract

Purpose

The purpose of this study is to evaluate the tempering effect of the presence of a female chief financial officer (CFO) on potentially dominant chief executive officer (CEO) behavior expressed through the overvaluing of acquisition premiums.

Design/methodology/approach

This study used Securities Data Corporation (SDC) database data over an eight-year period to analyze the relationships between CEO dominance and the acquisition premiums paid in an acquisition deal. The study also analyzes the effect of CFO gender in curbing CEO dominance in the acquisition deals. The authors employ clustered standard errors ordinary least squares (OLS) regression analysis along with robustness testing, which supports the validity of our conclusions.

Findings

The authors expect and find that as CEO dominance rises, so does the acquisition premium; however, the presence of a female CFO in such situations significantly reduces the overpayment of the acquisition premium.

Practical implications

The study findings advocate for organizational change in the form of an increased presence of female CFOs within business organizations.

Originality/value

This study contributes to the accounting literature by timely exploiting a rising trend in which female executives are expected to become more prolific. The authors’ research indicates that their entrenchment into business organizations, thereby promoting gender diversity, produces beneficial outcomes for those organizations. It also capitalizes on the specific attributes of the CEO–CFO relationship, which lends itself to particular effectiveness in the hands of female CFOs.

Details

Managerial Finance, vol. 48 no. 3
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 21 December 2021

Hafiz Mustansar Javaid, Qurat Ul Ain and Antonio Renzi

This paper empirically investigates whether female CEOs (She-E-Os) have an effect on firm innovation among Chinese listed firms based on patent data. This study also…

Abstract

Purpose

This paper empirically investigates whether female CEOs (She-E-Os) have an effect on firm innovation among Chinese listed firms based on patent data. This study also delved further by looking at whether the internal corporate environment moderates the effect of female CEOs on innovation, that is, state ownership. Finally, this study investigates an additional test of financial constraints to examine whether financial constraints also moderate the impact of female CEOs on firm innovation.

Design/methodology/approach

This study used the data of all A-share listed companies on the Shanghai and Shenzhen stock exchanges for the period from 2008 to 2017. The authors use ordinary least squares regression as a baseline methodology, along with firm-fixed effect, lagged measure of female CEOs, alternative measures of innovation, Heckman two-step model and negative binomial regression to check and control the possible issue of endogeneity.

Findings

The authors’ findings show that CEO gender plays an important role in producing higher levels of innovation output by improving the governance structure. However, female CEOs have no effect on state-owned enterprises' (SOEs) innovation activities, which suggests that the main goal of SOEs is achieving sociopolitical objectives. Furthermore, female CEOs' influence on innovation output is weaker in firms with financial constraints.

Social implications

This study adds to the emerging global discussion on gender diversity. Many legislative bodies require a quota for women on corporate boards due to gender inequality. This study's findings reinforce such guidelines by emphasizing the economic benefits of including women in top management positions.

Originality/value

This study provides new insights by highlighting the role of female CEOs in increasing firms' innovation activities. Additionally, this study provides evidence on whether the internal corporate environment (state ownership and financial constraints) moderates female CEOs' effect on innovation.

Details

European Journal of Innovation Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1460-1060

Keywords

Article
Publication date: 1 March 2021

Hsiu-I Ting

This study aims to investigate the relations between CEO gender, power and bank performance. First, this study examines the relation between CEO gender and power. Do female

Abstract

Purpose

This study aims to investigate the relations between CEO gender, power and bank performance. First, this study examines the relation between CEO gender and power. Do female CEOs possess less power than male CEOs? As women reach the top, do they hold similar or even higher levels of power as men? Second, this study investigates the relation between the CEO gender and bank performance. How do female CEOs perform? Is the relation between gender and performance subject to CEO power?

Design/methodology/approach

This study uses the following three performance measures: ROA, pre-tax ROA and pre-provision profit over assets. This study follows Finkelstein’s (1992) classifications and adopt five variables to measure the four dimensions of CEO power: duality and compensation share measure structural power; ownership captures ownership power; number of functional areas measures the power of expertise; and elite education captures prestige power. Logit model, ordinary least squares regression and quantile regression methods are used in the analysis.

Findings

In a sample of Chinese banks, female CEOs are found to have similar power and performance as male CEOs. As women reach the top, they hold higher ownership and greater prestige power than men. Female CEOs even outperform male CEOs in non-state dominated banks. Female CEOs show their impact through their power: those with higher compensation shares or greater power are positively related to bank performance.

Originality/value

Overall, the results show that as women reach the top, they hold a higher level of power than men. As females break through the glass ceiling, they perform better than males. Moreover, female CEOs show their impact through their power. Female CEOs who overcome the barriers are less traditional and more self-directed than their peers.

Details

Journal of Enterprising Communities: People and Places in the Global Economy, vol. 15 no. 1
Type: Research Article
ISSN: 1750-6204

Keywords

Article
Publication date: 4 March 2021

Ronny Prabowo and Doddy Setiawan

We investigate the effect of female CEOs on corporate innovation using Indonesian companies. More specifically, this paper aims to answer the following research questions…

Abstract

Purpose

We investigate the effect of female CEOs on corporate innovation using Indonesian companies. More specifically, this paper aims to answer the following research questions. First, do firms led by female CEOs innovate more or less than firms led by male CEOs? Second, does firm size positively moderate the effect of CEO gender on corporate innovation? Our research questions imply that female CEOs' innovative performance likely depends on the size of their firms.

Design/methodology/approach

Because the dependent variable is a dummy that equals one if the firm was an innovator and zero otherwise, this study employs probit analysis to test the hypotheses empirically. As an alternative test, we use a different measure of the dependent variable (INNOV-corporate innovation) by summing the firm's responses (yes/no) to nine innovation-related questions. Because this alternative measure of INNOV exhibits a count-data characteristic with non-negative integer values and more than 70% of the total sample did not engage in innovation activities at all, this study relies on the zero-inflated Poisson regression in the robustness test.

Findings

We have shown that firms led by female CEOs exhibit a greater probability of being innovators. Further, firm size increases the positive effect of female CEOs on firms' probability of engaging in innovation activities. Further, we also find that when female CEOs manage women-owned firms, their firms are more likely to engage in innovation activities.

Research limitations/implications

This study cannot further investigate the causal relationship between CEO gender and corporate innovation (e.g. by analyzing whether CEOs with different gender affects firm innovation) because it relies on the World Bank Enterprise Survey data. Nevertheless, this study suggests that stakeholders, especially in developing countries like Indonesia, need to encourage more women to hold CEO positions, especially in larger firms, because women-led firms perform better in innovation activities.

Originality/value

Our study thus highlights that female CEOs outperform their male counterparts in innovation activities. These results support the argument that because of gender-based discrimination that they receive, female CEOs are greatly motivated to exhibit greater innovation performance. Further, it is more difficult for women to hold the CEO positions in larger firms because of these firms' more intense managerial job market.

Details

International Journal of Social Economics, vol. 48 no. 5
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 5 October 2015

Thoranna Jonsdottir, Val Singh, Siri Terjesen and Susan Vinnicombe

The purpose of this paper is to examine how directors’ roles and social identities are shaped by gender and board life stage, using pre- and post-crisis Iceland as the…

Abstract

Purpose

The purpose of this paper is to examine how directors’ roles and social identities are shaped by gender and board life stage, using pre- and post-crisis Iceland as the setting. Recent theoretical work suggests the importance of directors’ monitoring and resource provision roles at certain board life stages; however, there is limited empirical evidence of directors’ identification with these roles as well as social role identification as a member of the board.

Design/methodology/approach

The authors contribute empirical evidence from interviews with 23 corporate directors in Iceland on individual identification with the director role of monitoring and resource provision, relational identification with the CEO role and social identification as a member of the board.

Findings

Prior to the crisis, male directors identified more strongly with resource provision and with their social roles and less strongly with monitoring roles. Compared to their male counterparts, pre-crisis female directors identified more strongly with monitoring and did not identify with their social roles. After the crisis, mature boards’ male director role identities were little changed; male directors continued to identify with resource provision and social identification, rather than monitoring, roles. Compared to pre-crisis, post-crisis female directors described greater identity with their resource provision roles and reported that male directors resented their attempts to fulfill their monitoring roles. In post-crisis, newly formed diverse boards, male and female directors reported very similar role identities which reflected balanced monitoring and resource provision roles, for example providing the board with ethical individual identities and unblemished reputations. The findings of this paper indicate that board composition and life cycle stage might have more impact on director identity than a pre- or post-crisis setting. These findings suggest implications for theory, practice and future research.

Originality/value

This paper provides further empirical evidence of the roles male and female directors identify with on corporate boards. Its originality lies in the context of the board work in terms of newly formed and mature boards, before and after the financial crisis, with differing gender composition (male-dominated and gender-balanced boards).

Details

Gender in Management: An International Journal, vol. 30 no. 7
Type: Research Article
ISSN: 1754-2413

Keywords

Article
Publication date: 15 May 2007

Susan M. Adams, Atul Gupta, Dominique M. Haughton and John D. Leeth

To provide insights into the experience of women aspiring to the CEO position, particularly regarding qualifications and compensation expectations.

6254

Abstract

Purpose

To provide insights into the experience of women aspiring to the CEO position, particularly regarding qualifications and compensation expectations.

Design/methodology/approach

The ExecuComp database of executives at 1,500 large US corporations from 1992 to 2004 was used to identify women CEOs and to examine gender differences in compensation of executives over that period. Additional information about the backgrounds of female CEOs was collected from company press releases and regulatory filings.

Findings

Women are not as highly compensated as men before becoming CEO but the few who reach the CEO position receive similar compensation as men. While women CEOs are younger on average than men, they have impressive work experience and education.

Research limitations/implications

The study covers relatively large US companies that are publicly traded; thus, smaller firms and privately‐held firms are not included.

Practical implications

Impressive work experience, usually from within the company, and a strong education seem to be associated with promotion to the CEO position. Female executives should be more aware of the existence of gender differences in compensation at positions other than the CEO.

Originality/value

Much is written about the gender‐based duality of the leadership career and the overall gender gap in compensation. This study adds an in‐depth analysis of compensation at the top of the executive ladder to better understand who makes it to the top and whether they are equitably rewarded.

Details

Women in Management Review, vol. 22 no. 3
Type: Research Article
ISSN: 0964-9425

Keywords

Article
Publication date: 5 October 2015

Maretno Agus Harjoto, Indrarini Laksmana and Robert Lee

– The purpose of this study is to examine the impact of gender and ethnicity of CEO and audit committee members (directors) on audit fees and audit delay in the US firms.

3858

Abstract

Purpose

The purpose of this study is to examine the impact of gender and ethnicity of CEO and audit committee members (directors) on audit fees and audit delay in the US firms.

Design/methodology/approach

Audit-related corporate governance literature has extensively examined the determinants of audit fees and audit delay by focusing on board characteristics, specifically board independence, diligence and expertise. The authors provide empirical evidence that gender and ethnicity diversity in corporate leadership and boardrooms influence a firm’s audit fees and audit delay.

Findings

This study finds that firms with female and ethnic minority CEOs pay significantly higher audit fees than those with male Caucasian CEOs. The authors also find that firms with a higher percentage of ethnic minority directors on their audit committee pay significantly higher audit fees. Further, the authors find that firms with female CEOs have shorter audit delay than firms with male CEOs and firms with a higher percentage of female and ethnic minority directors on their audit committee are associated with shorter audit delay. Results indicate that female CEOs and both female and ethnic minority directors are sensitive to the market pressure to avoid audit delay.

Research limitations/implications

The results suggest that gender and ethnic diversity could improve audit quality and the firms’ overall financial reporting quality.

Practical implications

This study provides insights to regulators and policy-makers interested in increasing diversity within a firm’s board and top executives. Recently, the US Securities and Exchange Commission (SEC) and the European Commission have been pressing publicly traded companies to improve diversity among their directors. This study provides evidence and perspective on how diversity can enhance financial reporting quality measured by audit fees and audit delay.

Originality/value

Previous studies have not given much attention on the impact of racial ethnicity in addition to gender characteristics of top executives and audit committee directors on audit fees and audit delay.

Details

Managerial Auditing Journal, vol. 30 no. 8/9
Type: Research Article
ISSN: 0268-6902

Keywords

Article
Publication date: 13 February 2009

Patricia V. Roehling, Mark V. Roehling, Jeffrey D. Vandlen, Justin Blazek and William C. Guy

The purpose of this paper is to investigate whether overweight and obese individuals are underrepresented among top female and male US executives and whether there is…

2010

Abstract

Purpose

The purpose of this paper is to investigate whether overweight and obese individuals are underrepresented among top female and male US executives and whether there is evidence of greater discrimination against overweight and obese female executives than male executives.

Design/methodology/approach

Estimates of the frequencies of overweight and obese male Fortune 100 CEOs and female Fortune 1000 CEOs were obtained using publicly available photographs and raters with demonstrated expertise in evaluating body weight. These “experts” then estimated whether the pictured CEOs were normal weight, overweight or obese.

Findings

Based upon our expert raters’ judgments, it is estimated that between 5 and 22 per cent of US top female CEOs are overweight and approximately 5 per cent are obese. Compared to the general US population, overweight and obese women are significantly underrepresented in among top female CEOs. Among top male CEOs, it is estimated that between 45 and 61 per cent are overweight and approximately 5 per cent are obese. Compared to the general population overweight men are overrepresented among top CEOs, whereas obese men are underrepresented. This demonstrates that weight discrimination occurs at the highest levels of career advancement and that the threshold for weight discrimination is lower for women than for men.

Practical implications

Weight discrimination appears to add to the glass ceiling effect for women, and may serve as a glass ceiling for obese men.

Originality/value

This paper uses field data, as opposed to laboratory data, to demonstrate that discrimination against the overweight and obese extends to the highest levels of employment.

Details

Equal Opportunities International, vol. 28 no. 2
Type: Research Article
ISSN: 0261-0159

Keywords

1 – 10 of over 7000