Abstract
The Big Three institutional investors have played an increasingly important role in corporate America. This paper investigates whether the Big Three's advocacy for gender diversity extends beyond the board level to the top management. I find that the Big Three ownership is positively associated with firms’ appointment of female CEOs when transitions occur, implying that gender diversity advocacy by index investors has effectively spilled over to top management positions. Interestingly, transitions involving female CEO appointments are positively valued by the market. My findings highlight the Big Three's commitment to tackling diversity-related issues and their ability to steer corporate decision-making.
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