Investor response to appointment of female CEOs and CFOs
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We study the impact of appointing women to top executive positions from an investor perspective. We analyze whether shareholders value announcement of appointment of women to top positions differently than they do appointment of men. This study uses an international sample of 100 announcements of top executive appointments of women who replace men and investigates how shareholders respond to such appointments. This research combines an event study with a matched pair analysis to compare the response from investors regarding appointment of female versus male CEOs and CFOs. We establish that investors do not seem to value appointment of women significantly differently from that of men. This finding suggests that, from the investor perspective, there appears to be no business case for a particular gender when it comes to appointing a CEO or CFO.
Scholtens , B & Brinkhuis , E 2018 , ' Investor response to appointment of female CEOs and CFOs ' The Leadership Quarterly , vol. 29 , no. 3 , pp. 423-441 . https://doi.org/10.1016/j.leaqua.2017.08.002
The Leadership Quarterly
© 2017 Elsevier Ltd. This work has been made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at https://doi.org/10.1016/j.leaqua.2017.08.002
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