How do female CEOs affect corporate pay dispersion? The perspective of risk aversion and competition avoidance

IF 8.3 2区管理学 Q1 BUSINESS Corporate Social Responsibility and Environmental Management Pub Date : 2024-09-10 DOI:10.1002/csr.2963

Yuting Guo, Ying Zhang, Hongfei Ruan, Yi Xiang, Yongzhi Du

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Abstract

Extant gender‐compensation literature has dominantly held a passive perspective on female leaders' compensation contracts. However, scant attention has been paid to the proactive aspect of this gender‐compensation relationship. This study fills this gap by incorporating female leaders' initiatives and integrating their proactive preferences to establish a link between gender and corporate pay dispersion. We first develop the theoretical argument that firms with female CEOs (SHE'‐E‐Os) have low pay dispersion due to their behavioral preferences—risk aversion and competition avoidance. Furthermore, we investigate how these preferences change over time—heterogeneous life‐cycle stages—which provides a long‐term perspective further enriching our understanding of the gender and organizational compensation structure. Using a 1992–2014 panel dataset from multiple sources, we find SHE'‐E‐Os are negatively associated with pay dispersion, particularly in firms during introduction, growth, or decline stages, as opposed to mature stages. Implications for literature on female leadership and pay dispersion are discussed.

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女性首席执行官如何影响企业薪酬分散？规避风险和竞争的视角

现有的性别薪酬文献主要是从被动的角度来看待女性领导者的薪酬契约。然而，人们很少关注这种性别报酬关系的主动方面。本研究填补了这一空白，将女性领导者的主动性与她们的积极偏好结合起来，从而建立性别与企业薪酬分散之间的联系。我们首先从理论上论证了女性首席执行官（SHE'-E-Os）所在的公司薪酬离散度较低的原因在于她们的行为偏好--规避风险和避免竞争。此外，我们还研究了这些偏好如何随时间变化--不同的生命周期阶段--这提供了一个长期视角，进一步丰富了我们对性别和组织薪酬结构的理解。通过使用 1992-2014 年多个来源的面板数据集，我们发现 SHE'-E-Os 与薪酬分散呈负相关，尤其是在处于引入、成长或衰退阶段的企业中，而不是成熟阶段。本文讨论了女性领导力和薪酬分散性相关文献的意义。

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来源期刊

Corporate Social Responsibility and Environmental Management Multiple-

CiteScore

17.20

自引率

16.30%

发文量

189

期刊介绍： Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.