Underrepresentation of Women CEOs

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ID: 325506
2026
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Ranked #177 of 192 articles by views in review of financial studies

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Abstract
Abstract Why do so few women become CEOs? To understand this glass ceiling, we estimate a dynamic model of the CEO gender decision, which contains perceived gender productivity differences, search costs reflecting limited female labor supply, and employer disutility from discrimination. The key factor is the shortage of suitable female candidates, as boards prefer hiring women, and productivity differences between genders are minimal. We find no evidence of a glass cliff in which women become CEOs just as firms are failing. While better governance is associated with women becoming CEOs, the importance of limited female labor supply is unrelated to governance.
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openalex_W4388676001 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Li He, Toni M. Whited
Journal review of financial studies
Year 2026
DOI
10.1093/rfs/hhag077
URL
https://doi.org/10.1093/rfs/hhag077
Keywords Keywords not found

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