Gender pay gap in American CFOs: Theory and evidence

Studies document persistent unexplained gender-based wage gap in labor markets. At the executive level, where skill and education are similar, career interruptions and differences in risk preferences primarily explain the extant gender-based pay gap. This study focuses on CFO compensation contracts...

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Bibliographic Details
Published in:Journal of corporate finance (Amsterdam, Netherlands) Netherlands), 2023-06, Vol.80, p.102404, Article 102404
Main Authors: Francis, Bill B., Hasan, Iftekhar, Hovakimian, Gayane, Sharma, Zenu
Format: Article
Language:English
Subjects:
CFO
Corporate policies
Executive compensation
Gender
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Summary:Studies document persistent unexplained gender-based wage gap in labor markets. At the executive level, where skill and education are similar, career interruptions and differences in risk preferences primarily explain the extant gender-based pay gap. This study focuses on CFO compensation contracts of Execucomp firms (1992–2020) and finds no gender-based pay gap. This paper offers several explanations for this phenomenon, such as novel evidence on the risk preferences of females with financial expertise and changes in the social and regulatory climate.
ISSN:0929-1199
1872-6313
DOI:10.1016/j.jcorpfin.2023.102404