Is there a gender gap in CEO compensation?

Bugeja, M; Matolcsy, ZP; Spiropoulos, H

Is there a gender gap in CEO compensation?

Bugeja, M

Matolcsy, ZP

Spiropoulos, H

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Publication Type:: Journal Article
Citation:: Journal of Corporate Finance, 2012, 18 (4), pp. 849 - 859
Issue Date:: 2012-09-01

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Field	Value	Language
dc.contributor.author	Bugeja, M https://orcid.org/0000-0002-1941-5092	en_US
dc.contributor.author	Matolcsy, ZP https://orcid.org/0000-0001-6566-5079	en_US
dc.contributor.author	Spiropoulos, H https://orcid.org/0000-0002-7748-6577	en_US
dc.date.issued	2012-09-01	en_US
dc.identifier.citation	Journal of Corporate Finance, 2012, 18 (4), pp. 849 - 859	en_US
dc.identifier.issn	0929-1199	en_US
dc.identifier.uri	http://hdl.handle.net/10453/18854
dc.description.abstract	The gender pay gap generates significant political and social debate. This study contributes to this discussion by examining if a gender pay gap exists at the highest level of corporate management, the CEOs. While previous studies have documented a gender pay gap for most levels of executives the findings with respect to CEOs are conflicting. In this paper we focus only on CEO's as it is the most homogenous of executive roles and does not require us to assume that executives with similar titles undertake identical roles. Our evidence is based on 291 US firm-years for the period of 1998-2010. We do not find any association between CEO pay and gender using both the total sample and a sample matched using propensity scores to control for firm characteristics. These insignificant results hold for total pay, salary and bonuses, and for different matching procedures and econometric specifications. Our results therefore indicate that women who rise through the "glass ceiling" to the level of CEO are remunerated at similar levels to their male counterparts. © 2012 Elsevier B.V..	en_US
dc.relation.ispartof	Journal of Corporate Finance	en_US
dc.relation.isbasedon	10.1016/j.jcorpfin.2012.06.008	en_US
dc.subject.classification	Finance	en_US
dc.title	Is there a gender gap in CEO compensation?	en_US
dc.type	Journal Article
utslib.citation.volume	4	en_US
utslib.citation.volume	18	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Accounting Discipline
utslib.copyright.status	open_access
pubs.issue	4	en_US
pubs.publication-status	Published	en_US
pubs.volume	18	en_US

Abstract:

The gender pay gap generates significant political and social debate. This study contributes to this discussion by examining if a gender pay gap exists at the highest level of corporate management, the CEOs. While previous studies have documented a gender pay gap for most levels of executives the findings with respect to CEOs are conflicting. In this paper we focus only on CEO's as it is the most homogenous of executive roles and does not require us to assume that executives with similar titles undertake identical roles. Our evidence is based on 291 US firm-years for the period of 1998-2010. We do not find any association between CEO pay and gender using both the total sample and a sample matched using propensity scores to control for firm characteristics. These insignificant results hold for total pay, salary and bonuses, and for different matching procedures and econometric specifications. Our results therefore indicate that women who rise through the "glass ceiling" to the level of CEO are remunerated at similar levels to their male counterparts. © 2012 Elsevier B.V..

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http://hdl.handle.net/10453/18854