CEO Age and CEO Gender: Are Female CEOs Older Than Their Male Counterparts?

18 Pages Posted: 4 Jan 2017

See all articles by Pradit Withisuphakorn

Pradit Withisuphakorn

National Institute of Development Administration (NIDA)

Pornsit Jiraporn

Pennsylvania State University - School of Graduate Professional Studies (SGPS)

Date Written: December 30, 2016

Abstract

Motivated by the debate on gender inequality, we study CEO gender and CEO age. Because women face significantly more obstacles in advancing their careers, it may take them longer to reach the top position, i.e. the chief executive officer (CEO). If this is the case, female CEOs should be older than their male counterparts on average. Based on over 12,000 observations across 15 years, our evidence shows that female CEOs are actually younger on average, approximately two full years younger than male CEOs, after controlling for firm and board characteristics. The two-year difference represents as much as 26% of the standard deviation in CEO age. We confirm our results using several robustness tests including a fixed-effects analysis, propensity score matching, as well as an instrumental-variable analysis. The results are robust and do not appear to be driven by endogeneity. Because it is substantially harder for women to become a CEO, those who are successful must possess extraordinary skills, enabling them to be a CEO younger.

Keywords: Female CEOs, Gender Diversity, CEO Age, Women CEOs, Corporate Culture

JEL Classification: M14, G30

Suggested Citation

Withisuphakorn, Pradit and Jiraporn, Pornsit, CEO Age and CEO Gender: Are Female CEOs Older Than Their Male Counterparts? (December 30, 2016). Available at SSRN: https://ssrn.com/abstract=2891911 or http://dx.doi.org/10.2139/ssrn.2891911

Pradit Withisuphakorn

National Institute of Development Administration (NIDA) ( email )

118 Seri Thai Road
Bangkok, 10240
Thailand

Pornsit Jiraporn (Contact Author)

Pennsylvania State University - School of Graduate Professional Studies (SGPS) ( email )

30 E. Swedesford Road
Malvern, PA 19355
United States
(484) 753-3655 (Phone)

HOME PAGE: http://www.personal.psu.edu/pxj11/index1.html

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