Underperformance by female CEOs: A more powerful test

Kolev, Gueorgui I.

doi:10.1016/j.econlet.2012.06.028

Cited by 30 publications

(18 citation statements)

References 15 publications

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“…Davis and colleages (2010) found that female-led, small-and medium-sized service firms performed better than those led by a male CEO, which was largely due to stronger market orientation of the firms led by a female relative to those led by a male. In contrast, Kolev (2012) found that unconditionally, there was no significant difference in shareholder returns generated by female CEOs and male CEOs; however, controlling for the risk-taking tendency, female CEOs underperformed male CEOs. Based on panel data of S&P 500 firms over a 15-year period, Dezsö and Ross (2012) reported that female representation in top management teams improved firm performance only to the extent that the firm's strategy was focused on innovation.…”

Section: Research Background and Hypothesis Development Gender Differmentioning

confidence: 74%

The Impact of CEO Succession with Gender Change on Firm Performance and Successor Early Departure: Evidence from China’s Publicly Listed Companies in 1997–2010

Zhang

2016

AMJ

126

122

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Female corporate leadership has drawn increasing attention from academia and practitioners. We contribute to the literature by examining the impact of CEO succession with gender change-i.e., a male CEO succeeded by a female or vice versa. We propose that due to gender differences in executive leadership positions, CEO succession with gender change may amplify the disruption of the CEO succession process and thus adversely affect post-succession firm performance and increase the likelihood of successor early departure. Using data from 3,320 CEO successions in companies listed in China's Shanghai and Shenzhen Stock Exchanges from 1997 to 2010, we find evidence to support this argument. We also find that the negative (positive) impact of male-to-female succession on firm performance (the likelihood of successor early departure) may be weakened by positive organizational attitudes toward female leadership as indicated by the presence of other female leaders on the firm's board of directors and/or top management team, and the successor's inside origin.

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Section: Research Background and Hypothesis Development Gender Differmentioning

confidence: 74%

The Impact of CEO Succession with Gender Change on Firm Performance and Successor Early Departure: Evidence from China’s Publicly Listed Companies in 1997–2010

Zhang

2016

AMJ

126

122

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“…Taking into consideration the CAPM model, Kolev (2012) [19] evaluated risks of the firm with female CEO and found that investors perceived women as lower risk takers than men. Based on a survey on the difference between risk appetite among men and women, Croson and Gneezy (2009) discovered that women tended to less prefer risk and competition [7].…”

Section: Women and Their Impact On Risks At The Firmmentioning

confidence: 99%

Impact of women in the board of directors on business risk of Vietnamese firms

Linh¹,

Tran²,

Tran³

et al. 2016

EA-XXI

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Abstract. This article aims at assessing the influence of women in the board of directors (BOD) on risk management in Vietnamese firms. The study touches upon a sample of 284 companies listed on the HOSE (Ho Chi Minh City Stock Exchange -Vietnam) in the period of [2008][2009][2010][2011][2012][2013][2014]. Their data was regressed by the random effects model (REM) and the fixed effects model (FEM). To find out which method is the most appropriate, we used the Hausman test. The study clarifies women's role in society and the optimal ratio of women in the BOD to minimise risks at enterprises. The authors give recommendations to corporate managers regarding proper employment policies, in which the role of women is better recognised. The most valuable result of the presented research is a grounded finding of an optimal female ratio in the BOD recommended for the Vietnamese enterprises. In order to achieve a positive impact of women on the risks reduction at the enterprise, the suggested female ratio in the BOD should be 34.96%, which will help to keep the lowest risk exposure. Hence, it could be recommended to raise a number of women in the BODs to approximately 1/3 of the total amount of members. Business owners may take this into account when planning human resource policies to maximise business performance. Keywords: Women; Board of Directors; Impact; Firm; Risk, HOSE; Vietnam; Gender JEL Classification: J44; M19 DOI: https://doi.org/10.21003/ea.V160-15До Хоаі Лін кандидат економічних наук, викладач, заступник завідувача кафедри банківського менеджменту, Школа банківської справи та фінансів, Національний університет економіки, Ханой, В'єтнам Тран Тронґ Фонґ магістр економіки, викладач, Школа банківської справи та фінансів, Національний університет економіки, Ханой, В'єтнам Тран Ван Банґ бакалавр економіки, президент клубу молодих банкірів, асистент навчально-консультаційного центру з банківської справи, фінансів та безпеки, Національний університет економіки, Ханой, В'єтнам Нґуен Сонґ Фуонґ бакалавр економіки, асистент навчально-консультаційного центру з банківської справи, фінансів та безпеки, Національний університет економіки, Ханой, В'єтнам Вплив жінок, які беруть участь у роботі ради директорів в'єтнамських фірм, на запобігання ризиковим подіям у бізнесі Анотація. Метою цієї статті є оцінка впливу жінок у складі рад директорів в'єтнамських фірм на запобігання ризиковим подіям у бізнесі. У дослідженні використано вибірку з 284 компаній, внесених до реєстру Фондової біржі Хошимін у період 2008-2014 років. У своїй роботі автори роз'яснюють роль жінок у суспільстві, а також надають пояснення щодо оптимального співвідношення жінок і чоловіків у раді директорів із метою мінімізувати виникнення ризикових подій на підприємствах. Доведено доцільність збільшення кількості жінок до 1/3 від загальної кількості членів ради директорів. Окрім цього, надано рекомендації корпоративним менеджерам стосовно вироблення належної політики у сфері зайнятості, яка робила би роль жінок у роботі підприємств більш вагомою. Ключові слов...

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“…However, whether or not firms led by women underperform is not at all clear. Indeed, research has yielded mixed results for the effect of CEO gender on firm performance (e.g., Davis, Babakus, Englis & Pett, 2010;Hoobler, Masterson, Nkomo & Michel, 2016;Khan & Vieito, 2013;Kolev, 2012;Zhang & Qu, 2016;Jeong & Harrison, 2016).…”

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confidence: 99%

Gender-inclusive Gatekeeping: How (Mostly Male) Predecessors Influence the Success of Female CEOs

Dwivedi

Joshi

Misangyi

2018

AMJ

149

129

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Male-typed leadership schemas have been widely acknowledged as barriers to women's success in leadership roles. We explore how local organizational agents and contexts enable women leaders to overcome these barriers and achieve success at the highest levels in firms. In particular, we focused on CEO succession events and studied how several facets of predecessor CEOs and the succession context combine to influence incoming women's post-succession performance. To do so, we conducted a qualitative comparative case study of all CEO successions that involved female successors between 1989 and 2009 across the largest corporations in the United States. Our findings suggest that women's success occurred when a confluence of local firm-level factors and attributes of the (mostly) male predecessors promoted gender-inclusive gatekeeping during succession. Our QCA approach revealed three recipes for female success: handing over the legacy, partnering the legacy, and turning around the legacy. Moreover, a comparison to a matched-sample of men CEO succession events showed that these three recipes for success are unique to women. Based upon our findings, we propose that male predecessors' gender-inclusive gatekeeping facilitates female leaders' success and occurs when local enabling conditions and the embedded context enact agentic and structural mechanisms to alter leadership schemas.

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Underperformance by female CEOs: A more powerful test

Cited by 30 publications

References 15 publications

The Impact of CEO Succession with Gender Change on Firm Performance and Successor Early Departure: Evidence from China’s Publicly Listed Companies in 1997–2010

The Impact of CEO Succession with Gender Change on Firm Performance and Successor Early Departure: Evidence from China’s Publicly Listed Companies in 1997–2010

Impact of women in the board of directors on business risk of Vietnamese firms

Gender-inclusive Gatekeeping: How (Mostly Male) Predecessors Influence the Success of Female CEOs

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