Abstract
Using comprehensive executive data in 5,886 U.S. firms from 2000 to 2015, I document that the promotion rate for women is 31% lower than the promotion rate for men. While sorting into executive positions in different functional areas explains a substantial portion of the promotion gap, a gap of 20% remains unexplained. Consistent with the presence of taste-based discrimination, the promotion gap is lower in firms in more competitive product markets. I find no evidence that the gap is lower in firms with more female directors, suggesting that board gender quotas may not increase female management representation.
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