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She'-E-OS: Gender Effects and Investor Reactions to the Announcements of Top Executive Appointments
Peggy M. Lee and Erika Hayes James
Strategic Management Journal
Vol. 28, No. 3 (Mar., 2007), pp. 227-241
Published by: Wiley
Stable URL: http://www.jstor.org/stable/20142436
Page Count: 15
You can always find the topics here!Topics: Chief executive officers, Women, Investors, Business management, Financial management, Men, Business structures, Stereotypes, Stock markets, Demography
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This study uses Kanter's token status theory to link announcements of top executives to shareholder reactions, highlighting possible gender effects. Using a sample of top executive announcements from 1990 to 2000, our results show that investor reactions to the announcements of female CEOs are significantly more negative than those of their male counterparts. Furthermore, women who have been promoted from within a firm are viewed more positively than women who come from outside. To supplement our analysis of investor reactions, we also analyze the text of popular press articles surrounding the announcements of male and female CEOs. These results show that articles about the appointment of a female CEO tend to emphasize gender, gender-related and other job or organizational considerations.
Strategic Management Journal © 2007 Wiley