The Influence of Women on Boards on the Relationship between Executive and Employee Remuneration

IF 2.1 Q2 BUSINESS, FINANCE International Journal of Financial Studies Pub Date : 2024-08-23 DOI:10.3390/ijfs12030084
María L. Gallén, Carlos Peraita
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Abstract

The growing presence of women at the top of companies has sparked interest in examining their role in the remuneration gap between senior managers and employees. This article analyses the traditional Chief Executive Officer (CEO)-to-employee pay ratio but includes a new relation, the senior-management-to-employee pay ratio, and extends the research by including six positions for women in company management: on the board of directors, executive directors, CEOs, proprietary directors, independent directors, and senior managers. The study is based on a sample of 77 listed companies in Spain from 2015 to 2022 and the panel data models have been estimated using the Generalised Method of Moments (GMM). The main findings indicate that the proportion of women in different categories of board and senior management positions has a positive effect on the CEO-to-employee pay ratio, especially in companies with higher market capitalisation. In contrast, the proportion of women in senior management positions has a negative effect on the CEO-to-employee pay ratio in all the samples analysed. Government agencies should prioritise the participation of women in non-board senior management positions in order to at least reduce the pay gap between senior managers and employees.
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董事会中的女性对高管与员工薪酬关系的影响
越来越多的女性进入公司高层,这引发了研究女性在高级管理人员与员工之间薪酬差距中的作用的兴趣。本文分析了传统的首席执行官(CEO)与员工的薪酬比例,但加入了一种新的关系,即高级管理层与员工的薪酬比例,并将女性在公司管理层中的六个职位纳入研究范围:董事会、执行董事、首席执行官、专有董事、独立董事和高级经理。研究以 2015 年至 2022 年期间西班牙 77 家上市公司为样本,采用广义矩量法 (GMM) 对面板数据模型进行了估计。主要研究结果表明,不同类别董事会和高级管理职位中的女性比例对首席执行官与员工的薪酬比率有积极影响,尤其是在市值较高的公司中。相比之下,在所有分析样本中,女性担任高级管理职位的比例对首席执行官与员工的薪酬比率都有负面影响。政府机构应优先考虑让女性担任非董事会高级管理职位,以便至少缩小高级管理人员与员工之间的薪酬差距。
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来源期刊
CiteScore
3.70
自引率
8.70%
发文量
100
审稿时长
11 weeks
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