Revisiting the Gender Gap in CEO Compensation: Replication and Extension of Hill, Upadhyay, and Beekun (2015)'s Work on CEO Gender Pay Gap
Strategic Management Journal, Forthcoming
30 Pages Posted: 18 Apr 2018 Last revised: 11 Jan 2020
Date Written: March 27, 2018
The increasing number of women chief executives motivates considerable interest in examining possible gender differences in CEO compensation. Recently, Hill, Upadhyay and Beekun (2015) reported that female CEOs receive greater compensation than male CEOs, which runs counter to common wisdom that the gender pay gap in the labor market favors men over women. With the goal of contributing to cumulative knowledge development in this area, we seek to reexamine Hill et al’s finding about gender differences in CEO compensation by extending the analyses further in time, using a larger sample of firms and more rigorous empirical analyses. Our findings, which are robust to different statistical procedures and econometric specifications, do not reveal reliable evidence for differences in compensation paid to male and female CEOs.
Keywords: CEO compensation, gender pay gap, replication, women, pay equity
JEL Classification: J16, J30, J70, J71, J81
Suggested Citation: Suggested Citation