Are Female CFOs Different? Evidence from Gender Pay Gaps

50 Pages Posted: 14 Jul 2020

See all articles by Bill B. Francis

Bill B. Francis

Rensselaer Polytechnic Institute (RPI) - Lally School of Management

Iftekhar Hasan

Fordham University ; Bank of Finland; University of Sydney

Zenu Sharma

St John's University; Rensselaer Polytechnic Institute

Date Written: June 20, 2020

Abstract

Studies document an unexplained wage gap between male and female workers even as female workers have increased their human capital through skill and education. At the executive level, where skill and education are similar, the results on gender-based pay gap persist and are primarily attributed to career interruptions and differences in risk preferences. Tracing the compensation contracts of Execucomp firms (1992-2018), this study observes a nonexistent gap in compensation between genders among CFOs. In fact, female CFOs earn more than male CFOs in the later sample years. This paper offers several explanations for this phenomenon e.g. new evidence on risk preferences of females with financial expertise and changes in the social and regulatory climate.

Keywords: Corporate Policies; Gender

JEL Classification: G30; G34

Suggested Citation

Francis, Bill B. and Hasan, Iftekhar and Sharma, Zenu, Are Female CFOs Different? Evidence from Gender Pay Gaps (June 20, 2020). Available at SSRN: https://ssrn.com/abstract=3631951 or http://dx.doi.org/10.2139/ssrn.3631951

Bill B. Francis

Rensselaer Polytechnic Institute (RPI) - Lally School of Management ( email )

Troy, NY 12180
United States

Iftekhar Hasan

Fordham University ( email )

45 COLUMBUS AVENUE
GBA-5TH FLOOR
NEW YORK, NY 10023
United States

Bank of Finland ( email )

P.O. Box 160
Helsinki 00101
Finland

University of Sydney ( email )

P.O. Box H58
Sydney, NSW 2006
Australia

Zenu Sharma (Contact Author)

St John's University ( email )

8000 Utopia Pkwy
Queens, NY 11439
United States
7189905496 (Phone)

Rensselaer Polytechnic Institute ( email )

Troy, NY 12180
United States

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