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This study aims to investigate the impact of top management team (TMT)'s gender diversity on corporate social performance (CSP). It sheds light on inconsistent results in literature by testing the moderator effects of chief executive officer (CEO) managerial ability and corporate governance (CG) on such impact.

A dynamic panel estimator is applied to an international sample of 8640 firm‐year observations from 2013 to 2017.

The author finds reliable evidence that the critical mass of at least three women leaders has a positive impact on the firm's CSP. Obtained results suggest, moreover, the deterrence effects of CEO managerial ability and CG tools (board independence, board gender diversity, the presence of a corporate social responsibility committee and family control) on the women leaders' contribution to the firm's CSP level. These results remain consistent with alternative measures for women leaders and CEO managerial ability. However, findings are lost when women achieve the CEO position, the chairperson position or both positions, which imply that men and women leadership styles are closely similar rather than different. Furthermore, women leaders' effect on CSP seems dependent (do not) on the country (industry) which a firm belongs to.

From a practical standpoint, the study highlights the importance of fostering the achievement of a critical mass of women leaders and the combination of CEO managerial ability – educational/professional backgrounds – and CG attributes to improve the firm's CSP. The study has important implications for investors and regulators. If investors wish to increase CSP, they should ask for more gender diversified TMTs. Furthermore, this study supports regulators in their efforts to increase senior women's quotas by providing empirical evidence of better social outcomes under leader gender diversity. The study’s evidence is also useful for companies in setting the criteria to identify CEOs who can support their strategic decisions.

By studying the impact female leaders have on CSP under CEO managerial ability and CG as moderators, this study is the first to display complementarities and substitutions between CEO's managerial ability and selected CG attributes in the promotion of CSP by female senior executives. Furthermore, it fills the void on how TMT's gender diversity impact CSP. In fact, while it is conventionally considered that women are more likely to engage in socially responsible activities, sensitive findings of this study shed light on the brighter side of female executives when they achieve the CEO, the chairperson position or both positions.

This study aims to examine whether investors react differently to the crisis during the COVID-19 pandemic based on chief executive officer (CEO) gender.

This study is based on a sample of publicly listed companies in Korea. The study uses the ordinary least squares regression and propensity score matching approach to address the research question. The dependent variable used in the regressions is the cumulative abnormal returns over 30, 60 and 90 days after the first COVID-19 case was confirmed in Korea.

The results show that cumulative abnormal returns over 30, 60 and 90 days after the first COVID-19 case are less negative for firms led by women CEOs compared to firms led by men CEOs. This is consistent with the prediction that investors favor firms with women CEOs in times of high uncertainty.

This study adds to the growing literature on the stock market during the COVID-19 pandemic. It provides empirical evidence that the effect of the pandemic on stock market performance differs by management characteristics such as CEO gender.

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?

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.

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.

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.

This paper aims to examine the relationship between management diversity and firm performance in the case of women in top executive jobs and on boards of directors. Corporate governance literature argues that board diversity is potentially positively related to firm performance. This hypothesis is tested in the paper.

In this paper with the use of data for the 2,500 largest Danish firms observed during the period 1993‐2001 various statistical models for firm performance are specified and estimated. The main focus in the models is the estimated relationship between the proportion of women in top management (CEOs and on boards of directors) and firm performance.

The results in this paper show that the proportion of women in top management jobs tends to have positive effects on firm performance, even after controlling for numerous characteristics of the firm and direction of causality. The results show that the positive effects of women in top management strongly depend on the qualifications of female top managers.

This paper provides solid statistical evidence of the effects of women in top management on firm performance. The use of a large sample and the panel nature of the data set make it possible to properly control for direction of causality and, furthermore, much firm and individual information is included to estimate genuine effects of women in top management.

This article aims to analyze how gender and decision-making styles of Chief Executive Officers (CEOs) of Small and Medium Enterprises (SMEs) impact the financial performance of the firms they manage.

Data were obtained for 2017 for 185 SMEs in Chile, an emerging economy, including firm information, CEO's sociodemographic characteristics and CEOs' decision-making styles. Generalized Least Squares (GLS) models were estimated to explain the influence of gender and decision-making styles on firm performance, controlling for a series of covariates. To test whether gender moderates the effect of decision-making styles on firm performance, interaction terms were included. Furthermore, models were subject to several robustness procedures, with no significant differences in results.

The authors find evidence of significant relationships for both gender and the avoidant style. Likewise, the authors find evidence of interaction effects between gender and decision-making styles, particularly between gender and the dependent style.

Findings contribute to prior research by analyzing the relationship between CEO gender and SME performance in the context of a Latin American emerging economy; by providing evidence of the impact of decision-making styles on the financial performance of SMEs; and by examining how a specific decision-making style, namely the dependent style, operates differently according to CEO gender, shedding some light on its ambiguous character as described by prior research. For policymakers and authorities, findings indicate the importance of incorporating women to SMEs and supporting their way towards higher management.

Esta investigación analiza cómo el género y los estilos de toma de decisiones de los gerentes generales (CEOs) de las pequeñas y medianas empresas (PYMEs) impactan en el desempeño financiero de las empresas que administran.

Se obtuvieron datos del año 2017 para 185 PYMEs ubicadas en Chile, una economía emergente, incluyendo información de la empresa, así como características sociodemográficas y estilos de toma de decisiones de los gerentes generales. Se estimaron modelos de Mínimos Cuadrados Generalizados (GLS) para explicar la influencia del género y los estilos de toma de decisiones en el rendimiento de la empresa, controlando por una serie de covariables. Para determinar si el género modera el efecto de los estilos de toma de decisiones en el rendimiento de la empresa, se incluyeron términos de interacción. Además, los modelos fueron sometidos a varios procedimientos de robustez, sin encontrar diferencias significativas en los resultados.

Los autores encuentran evidencia de relaciones significativas tanto para el género como para el estilo evitativo. Asimismo, los autores encuentran evidencia de efectos interacción entre el género y estilos de toma de decisiones, particularmente entre el género y el estilo dependiente.

Los hallazgos contribuyen a investigaciones anteriores al analizar la relación entre el género del CEO y el rendimiento de las PYMEs en el contexto de una economía latinoamericana emergente; al proporcionar evidencia del impacto de los estilos de toma de decisiones en el rendimiento financiero de las PYMEs; y al examinar cómo un estilo de toma de decisiones específico, a saber, el estilo dependiente, opera de manera diferente según el género del CEO, esclareciendo su carácter ambiguo tal como ha sido descrito en investigaciones anteriores. Para las autoridades y los responsables de políticas, los hallazgos indican la importancia de incorporar mujeres a las PYMEs y apoyarlas en su ascenso hacia la alta administración.

This study aims to investigate whether chief executive officer (CEO) demographics are associated with gender diversity in senior management in the Scandinavia region.

The research design draws on multivariate cross-sectional analysis. The demographic characteristics examined are gender, age and education. A total of six hypotheses are developed and tested. The sample includes the largest 106 public firms from Denmark, Finland, Norway and Sweden.

Results show that firms with female CEOs have more women in senior management than other firms. However, neither age nor level of formal education of CEOs shows significant results, with the exception of CEOs holding MBA degrees, who are associated with fewer women in these positions. Interestingly, the association between educational background and gender diversity is principally driven by study-abroad experiences. Finally, results show that gender diversity in senior management has an important country component, whereas the industry component is negligible.

The relationship between managers’ demographics and gender diversity among subordinates is a relatively unexplored research issue, as previous works have focused on general comparisons between male and female managers. Furthermore, the Scandinavian context is particularly interesting as this region leads gender equality rankings.

This study aims to analyse the gender pay gap among CEOs, VPs and potential top executives. The authors seek to analyse how much of the gap is explained by differences in individual characteristics and how much is explained by firm characteristics and discriminatory processes.

The paper estimates compensation functions based on a panel of employer‐employee data set covering all Danish companies in the private sector with more than 50 employees during the period 1996‐2005.

The authors document that when controlling for a large number of observable characteristics and time‐invariant characteristics, there still exists a large gender compensation gap among top executives in Denmark. For VP and potential top executives, the estimated gap increased during the period 1996‐2005 while for the small and selected group of CEOs, the corrected gender gap decreased slightly.

The study does not claim to identify causal links between top executive compensation and individual or firm specific background characteristics.

The extension of the family‐friendly schemes may have had negative boomerang effects on the compensation and careers of all women, irrespective of whether they become mothers or not. Especially for those women aiming to reach the top of the organisation, these effects may be important because potential career interruptions are expected to be more severe for this group.

This study adds to the limited empirical literature on the gender pay gap among the narrow group of top executives using a large panel employer‐employee data set of all Danish companies.