Female CEOs Research Articles

Female leadership and environmental innovation: do gender boards make a difference?

This research investigates how female CEOs and board gender composition (BGC) influence environmental innovation. Using a panel dataset of 237 energy companies, the study reveals that female CEOs are more committed to the environment than males. Interestingly, the findings also show that the BGC positively moderates the female CEO and environmental innovation nexus. Additionally, it reveals that female CEOs have a more significant influence on promoting environmentally friendly innovation in profitable energy companies than males. The findings remain strong after various robustness tests, contributing to the ongoing debate on gender equality and offering novel insights into the green footprint.

Employee Ownership and Firm Digital Transformation

AbstractThe development of digital technologies has triggered the digital transformation of organizations, enabling business model innovation. With the rise of a human‐centred view of digitalization, previous studies have been devoted to exploring how leadership drives digitalization, overlooking the role of employees as a key stakeholder. Motivated by this gap, based on agency theory, we investigate how employee ownership affects digital transformation in firms. Further, we identify vital contingencies based on heterogeneity in human resource management under the ability–motivation–opportunity framework. Analysing data on Chinese listed firms from 2015 to 2021, we find that the adoption of employee ownership promotes firms’ digital transformation, and that this positive effect is moderated by R&D personnel (ability), female CEO (motivation) and state ownership (opportunity). Our findings reveal the role of employees in the digital transformation process, which deepens our understanding of the literature on employee ownership and business model innovation.

Do Female CEOs Manage Costs Differently? Evidence From Asymmetric Cost Behavior

Do Female CEOs Manage Costs Differently? Evidence From Asymmetric Cost Behavior

Female CEOs’ name gender-neutralization and audit fees: Evidence from China

We focus on how inconsistency or conflict between actual biological sex and name gender-orientation affects CEO trustworthiness, and thus firm audit fees. This study of Chinese listed firms led by female CEOs finds that female CEOs’ name gender-neutralization significantly reduces audit fees, and the presence of female auditors mitigates the above negative relationship. Mechanism tests find that female CEOs’ name gender-neutralization reduces audit fees by adopting positive tone, enhancing TMT stability, and improving social image. Heterogeneity analysis from the perspectives of CEO and auditor traits demonstrate that when female CEOs were born before the 1970s, also serve as chairmen, and are non-family CEOs, as well as when auditors tenure is shortened, audit report time lag is decreased, and the audit team gender structure is singular, female CEOs’ name gender-neutralization reduces audit fees more significantly. We find no evidence that female CEOs with masculine or gender-neutral names perform better or worse than those with feminine names in any substantive way. Additionally, female CEOs’ name gender-neutralization does not have a consistent effect on positive and negative abnormal audit fees.

Deciphering CEO disclosure tone inconsistency: a behavioural exploration

PurposeThis research employs a behavioural approach to investigate the determinants of CEO disclosure tone inconsistency. By examining CEO characteristics and psychological attributes, the study aims to unravel the complexities underlying tone variations in Management Discussion and Analysis (MD&A) reports. Through this exploration, the research seeks to contribute to understanding ethical considerations in corporate communications and provide insights into the nuanced interplay between personal, job-related and psychological factors influencing CEO disclosure tone.Design/methodology/approachThe study utilises a dataset comprising 1,411 MD&A reports from 143 companies listed on the Tehran Stock Exchange between 2012 and 2021. Multiple regression analyses with year- and industry-fixed effects are employed to examine the relationships between CEO gender, tenure, duality, ability and psychological attributes such as narcissism, myopia, overconfidence and tone inconsistency. Data analysis involves MAXQDA software for analysing MD&A reports and Rahavard Novin software for document analysis, supplemented by audited financial statements.FindingsThe findings reveal significant relationships between CEO characteristics, psychological attributes and tone inconsistency. Female CEOs exhibit reduced tone inconsistency, contrasting with previous research trends. CEO tenure correlates negatively with tone inconsistency, whereas CEO ability shows a positive correlation, indicating a nuanced relationship with performance. However, CEO duality does not exhibit a significant association. Psychological attributes such as narcissism and myopia are positively associated with tone inconsistency, while no substantial connection is found with managerial overconfidence.Originality/valueThis research contributes to the inaugural exploration of CEO disclosure tone inconsistency through a behavioural lens, advancing measurement precision in the field. By delving into CEO characteristics and psychological attributes, the study offers unique insights into the roots of tone inconsistency. Applying comprehensive lexicon and phraseology enriches the methodological approach, fostering dialogue among diverse stakeholders and adding distinct perspectives to the discourse on ethical issues in business. Through its meticulous examination of behavioural underpinnings, this study becomes a catalyst for reflection, dialogue and progress in corporate communications and ethical considerations.

How do female CEOs affect corporate pay dispersion? The perspective of risk aversion and competition avoidance

AbstractExtant gender‐compensation literature has dominantly held a passive perspective on female leaders' compensation contracts. However, scant attention has been paid to the proactive aspect of this gender‐compensation relationship. This study fills this gap by incorporating female leaders' initiatives and integrating their proactive preferences to establish a link between gender and corporate pay dispersion. We first develop the theoretical argument that firms with female CEOs (SHE'‐E‐Os) have low pay dispersion due to their behavioral preferences—risk aversion and competition avoidance. Furthermore, we investigate how these preferences change over time—heterogeneous life‐cycle stages—which provides a long‐term perspective further enriching our understanding of the gender and organizational compensation structure. Using a 1992–2014 panel dataset from multiple sources, we find SHE'‐E‐Os are negatively associated with pay dispersion, particularly in firms during introduction, growth, or decline stages, as opposed to mature stages. Implications for literature on female leadership and pay dispersion are discussed.

Effectiveness of Monitoring and Evaluation System in Improving Educational Facilities at Secondary School Level in Punjab (Pakistan)

The focus of this study is to analyze the effectiveness of monitoring and evaluation system in improving educational facilities at secondary school level in Punjab. The study employed a survey design to assess the effectiveness of the monitoring system in enhancing the missing facilities in secondary schools in Punjab. The population of the study consisted of both male and female principals, headteachers, SSTs, PSTs, MEAs, CEOs, DEOs, and DMOs of public secondary schools in Punjab. The study was limited to the secondary schools of the Punjab government. For sampling, districts of Punjab were chosen from three regions of Punjab: Rahim Yar Khan, Faisalabad, and Rawalpindi. The study was descriptive and quantitative, as well as qualitative (QUAN-qual). The researcher randomly selected a sample from urban and rural schools using stratified random sampling, resulting in a four hundred and twenty-nine-sample size. This study investigates the effectiveness of the monitoring and evaluation system in addressing missing facilities in secondary-level institutions. The study found that the government's monitoring system, although continuously updating the condition of basic facilities, does not accurately reflect the actual needs of schools for better infrastructure. The lack of resources affects motivation to perform better, and improvements in the system are needed. Further research is recommended to further improve the system.

Board gender diversity and employee productivity. The moderating role of female leaders

Drawing on the Motivational Role Modeling Theory and Critical Mass Theory, the main objectives of this paper are to analyze the impact of Board Gender Diversity (BGD) on Employee Productivity (EP) and to investigate the moderating role of a Female CEO or a Female Board Chair on this relationship in Social Economy companies. The methodology used is a fixed-effects regression with panel data for 1,914 Spanish Social economy companies in the agri-food sector from 2017 to 2021. Our findings uncover a non-linear relationship between BGD and EP displaying a descendent curvilinear pattern, though not strictly U-shaped. Moreover, we confirm the moderating influence of a Female Chair, noting that its presence shifts the relationship between BGD and EP from an inverted curvilinear pattern to a U-shaped one. In this context, the board requires a minimum presence of women, set at a critical mass of 13 %. However, the moderating impact of a Female CEO remains inconclusive. This research underscores the significance of investigating board diversity, specifically emphasizing female leadership in understanding the link between BGD and EP. Moreover, to the best of our knowledge, this study is the first to explore the impact of BGD on EP by developing an integrated model based on Motivational Role Modeling Theory and Critical Mass Theory, and calculating the critical mass when a Female Chair is present on the board.

How does Confucianism influence green innovation? Evidence from China

ABSTRACT This study develops a model to explore the relationship between Confucianism and green innovation and the moderating effects of CEO overseas experience, female CEOs, and institutional fragility on this relationship. Based on data from 11,430 observations across 2,812 Chinese listed firms for the 2014–2019 period, we find that Confucianism has a positive impact on a firm’s green innovation. However, this effect is weakened by CEO overseas experience, female CEOs, and institutional fragility. Our study offers novel insights into how informal institutions, such as Confucianism, affect a firm’s green innovation. In addition, it provides a comprehensive framework for the theoretical understanding of the influence of Confucianism on green innovation by revealing the moderating roles of CEOs’ characteristics and institutional environment.

Nexus between geopolitical risk, female CEOs and firm performance relationship: an international evidence

Nexus between geopolitical risk, female CEOs and firm performance relationship: an international evidence

CEO GENDER AND FIRM PERFORMANCE: EVIDENCE FROM THE COVID-19 PANDEMIC

The COVID 19 pandemic precipitated an unprecedented deceleration of economic activities and a stock market crash. The unparalleled shock and the altered risk attitudes present a distinctive opportunity to examine whether the well-established concept of the "glass ceiling" is indicative of latent gender differentials in company performance. Utilizing US financial data, the study employs a range of methodologies to examine whether firms led by female CEOs exhibited the same performance as firms led by male CEOs during 2020-2021. Our empirical results confirm previous findings from the finance literature, as we neither find a systematic difference in returns to holding stock in female-led firms, nor a difference in accounting returns between female-led and male-headed firms.

Female CEOs and corporate social responsibility: effect of CEO gender on relational and rational CSR

Female CEOs and corporate social responsibility: effect of CEO gender on relational and rational CSR

CEO Gender and Innovation: Female CEOs’ Responsiveness to Evaluators and Its Impact on Innovation

CEO Gender and Innovation: Female CEOs’ Responsiveness to Evaluators and Its Impact on Innovation

Thankless Task: Female CEOs, Workplace Safety, and Employee External Whistleblowing

Thankless Task: Female CEOs, Workplace Safety, and Employee External Whistleblowing

A New Perspective on the Relationship between Female CEOs and Acquisition Intensity

A New Perspective on the Relationship between Female CEOs and Acquisition Intensity

Do Female CEOs Improve Female Executive Compensation? The Moderating Role of Firms’ Orientation

Do Female CEOs Improve Female Executive Compensation? The Moderating Role of Firms’ Orientation

Going Along Versus Going Alone? Why do Female CEOs Conform with Rather Than Deviate?

Going Along Versus Going Alone? Why do Female CEOs Conform with Rather Than Deviate?

Exploring the nexus between CEO characteristics and the value of excess cash holdings through the lens of the resource-based view theory

Purpose This study aims to examine the relationship between CEO characteristics and the value of excess cash holdings from the perspective of resource-based view (RBV) theory in the context of Malaysia. Design/methodology/approach The analyses were made using ordinary least squares across 173 non-financial firms listed in Bursa Malaysia over the period of 2015–2021. The authors address potential endogeneity through the generalized method of moments. The results are also robust to alternative measures of excess cash holdings. Findings The results showed that female CEOs and CEOs’ educational level are significantly positively related to the value of excess cash holdings. In contrast, CEO tenure and CEO age negatively affect a firm’s excess cash valuation. The results are robust to measurement error and endogeneity issues. Practical implications The empirical results have useful policy implications. For practitioners, firms are recommended to prioritize the selection of female CEOs and CEOs with high education levels within their top management, as this initiative can result in improved value associated with excess cash holdings. In addition, policymakers are recommended to guide programs that attempt to improve educational attainment and gender diversity in business leadership. This study also provides investors with insightful information about the possible relationship between CEO traits and company performance, especially with regard to measures for managing surplus capital. Originality/value To the best of the authors’ knowledge, this study is the first to explore the role of CEO characteristics in the value of excess cash holdings based on the RBV theory.

Shattering the glass ceiling: Female leadership and acquisitiveness in family and nonfamily firms

This research investigates the impact of female CEOs on mergers and acquisitions (M&As) in family and nonfamily firms. With a sample of 165 Italian listed companies engaged in M&As from 2011 to 2016, the study explores whether CEO gender impacts on firm's acquisitiveness in family and nonfamily firms. Findings indicate that having a female CEO is associated with lower acquisitiveness overall. However, this trend is not consistently observed in family firms, challenging conventional assumptions. This research contributes to understanding the nuanced dynamics of female leadership and M&As, shedding light on the role of CEO gender in distinct ownership contexts.

Pengaruh Karakteristik Chief Executive Officer Terhadap Nilai Perusahaan di Indonesia

The aim of this research is to see the influence of CEO characteristics on company value. The population of this study is 825 companies listed on the Indonesian Stock Exchange in 2022. The sampling technique used was purposive sampling. 578 companies were sampled in this study. Documentation techniques are used in data collection, the data is obtained via the www.idx.co.id page. The data analysis technique used is multiple linear regression. The research results show that gender, age and tenure have a significant effect on company value, while education and nationality do not have a significant effect. These results indicate that the role of female CEOs has a more positive influence in generating positive value for the company. Where investors feel confident that female CEOs will pay more attention to the results they achieve. These results also indicate that CEOs who have been in a leadership position in a company for a long time will be more careful in making decisions, where the longer a CEO has been in a company, the more the decisions taken will increase the value of the company in the eyes of investors and stakeholders. These result indicate that the age of a CEO has a significant negative effect on company value, where the older a CEO is, the more the company value decreases