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We use a sample of CEO appointments at US corporations over the years 1992-2004 to test the 'glass cliff' hypothesis, which posits that females are appointed to leadership positions at firms that are in a precarious financial condition. Our analysis utilizes three measures of stock-price-based financial performance and two distinct control samples of appointments of males to the CEO position. We find that corporate performance preceding CEO appointments tends to favor females, implying that females (males) are appointed to the CEO position largely at times when the firm is in relatively better (worse) financial health. Disaggregating the data by appointments in up versus down markets, at high-risk versus low-risk firms, and by calendar time yield similar conclusions. There appears to be no glass cliff facing female CEOs at US firms. Our findings suggest a need for additional research to identify where and for what types of positions this phenomenon is prevalent.

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.

Our research infers the effects of institutionalized wage setting and lengthy worker-firm attachment by comparing estimated compensating wage differentials for fatal injury risk in Japanese, Australian, and U.S. manufacturing. Hedonic labor market equilibrium regressions for Japan reveal a statistically fragile compensating wage differential of 0% to 1.4% for exposure to the average fatality risk compared to employment in a perfectly safe workplace. Australian workers receive a statistically robust 2.5% estimated wage premium. Using new data on work-related fatalities, we find a 1% compensating wage differential in U.S. manufacturing that becomes more positive and statistically less significant as data are aggregated.

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