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Are Female Executives Over-represented in Precarious Leadership Positions?

机译:女性高管在不稳定的领导职位中的任职人数过多吗?

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摘要

We use a sample of CEO appointments at US corporations over the years 1992-2004 to test the 'glass cliff hypothesis, which posits that females are appointed to leadership positions at firms that are in a precarious financial condition. Our analysis utilizes three measures of stock-price-based financial performance and two distinct control samples of appointments of males to the CEO position. We find that corporate performance preceding CEO appointments tends to favor females, implying that females (males) are appointed to the CEO position largely at times when the firm is in relatively better (worse) financial health. Disaggregating the data by appointments in up versus down markets, at high-risk versus low-risk firms, and by calendar time yield similar conclusions. There appears to be no glass cliff facing female CEOs at US firms. Our findings suggest a need for additional research to identify where and for what types of positions this phenomenon is prevalent.
机译:我们使用1992年至2004年间美国公司CEO任命样本来检验“玻璃悬崖”假说,该假说假设女性被任命为财务状况不稳定的公司的领导职务。我们的分析利用了三种基于股票价格的财务绩效指标,以及两个不同的男性担任CEO职位的控制样本。我们发现,在任命CEO之前,公司绩效往往倾向于女性,这意味着女性(男性)被任命为CEO的时间主要是在公司财务状况相对较好(更糟)的时候。按在上,下市场的任命,高风险与低风险公司的约会和日历时间分解数据得出相似的结论。美国公司的女性首席执行官似乎没有面对任何悬崖。我们的发现表明,需要进行其他研究来确定这种现象普遍存在的位置和类型。

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