Beyond the Glass Ceiling: Does Gender Matter?
Renee B. Adams
University of New South Wales, Department of Banking and Finance; ECGI; FIRN; ABFER
University of Lugano
December 1, 2009
UPF Working Paper Series
ECGI - Finance Working Paper No. 273/2010
The representation of women in top corporate officer positions is steadily increasing. However, little is known about the impact this will have. A large literature documents that women are different from men in their choices and in their preferences, but most of this literature relies on samples of college students or workers at lower levels in the corporate hierarchy. If women must be like men to break the glass ceiling, we might expect gender differences to disappear among top executives. In contrast, using a large survey of directors, we show that female and male directors differ systematically in their core values and risk attitudes. While certain population gender differences disappear at the director level, others do not. Consistent with the findings for the general population, female directors are more benevolent and universally concerned, but less power-oriented than men. However, they are less traditional and security-oriented than their male counterparts. Furthermore, female directors are slightly more risk-loving than male directors. This suggests that having a women on the board need not lead to more risk-averse decision-making.
Number of Pages in PDF File: 70
Keywords: Female Directors, Directors, Gender, Boards, Values, Risk
JEL Classification: J16, G30
Date posted: September 20, 2009 ; Last revised: July 23, 2012