Abstract
We investigate the effect of a specific aspect of national culture on the selection of female Chief Executive Officers (CEOs) in Chinese companies. Exploring a sample of 2519 listed firms for the period 2008–2017, we find that firms located in regions that are more demonstrably influenced by Confucianism, which promulgates female subordination to men, are less likely to select female CEOs. In addition, although female CEOs measurably outperform male counterparts, they receive lower pay. We also find that the extent of competition in product markets and the directors’ foreign experience moderate the effect of Confucian culture on CEO gender inequality.
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