What prevents women from reaching the top?

We use rich data on all business, economics, and engineering graduates in Sweden to study the lack of women among chief executive officers (CEOs). A comprehensive battery of graduates’ characteristics explains 40% of the gender gaps in CEO appointments and 60% among graduates with children. The expl...

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Bibliographic Details
Published in:Financial management 2022-09, Vol.51 (3), p.711-738
Main Authors: Keloharju, Matti, Knüpfer, Samuli, Tåg, Joacim
Format: Article
Language:English
Subjects:
CEOs
Chief executives
Demographic aspects
Economic aspects
family
Gender differences
Gender equality
gender gap
Labor market
labor market attachment
qualifications
Social aspects
Unemployment
Women executives
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Summary:We use rich data on all business, economics, and engineering graduates in Sweden to study the lack of women among chief executive officers (CEOs). A comprehensive battery of graduates’ characteristics explains 40% of the gender gaps in CEO appointments and 60% among graduates with children. The explanatory power mostly comes from absences and unemployment, which are about twice as likely for women as men. These gender differences increase following childbirth, and they persist in the long run. We present and discuss potential explanations to the explained and remaining gaps. Although the large unexplained share makes it hard to pinpoint the exact reason for the gender gap in CEO appointments, the large contribution of labor market attachment to the explained share suggests work–family trade‐offs are an important part of the story.
ISSN:0046-3892
1755-053X
DOI:10.1111/fima.12390