Gender differences in CEO risk tolerance: A look at fixed pay |
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| Affiliation: | 1. Department of Finance, Hilton Center for Business, Loyola Marymount University, One LMU Drive, MS 8385, Los Angeles, CA 90045-2657, United States of America;2. Department of Finance, John Chambers College of Business and Economics, West Virginia University, 83 Beechurst Avenue, Morgantown, WV 26505, United States of America;3. Department of Finance and Business Law, College of Business and Economics, University of Wisconsin-Whitewater, 800 W Main Street, Whitewater, WI 53190, United States of America |
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| Abstract: | The number of female Chief Executive Officers (CEOs) in the United States has increased significantly over the past two decades. Using a sample that includes this greater representation of female CEOs, we revisit whether CEO compensation packages reflect the standard agency theoretical prediction that CEOs who are more (less) risk-averse should be incentivized to take on greater (less) risk. Our findings are at odds with these predictions, as we provide evidence that the well-documented gender difference in risk tolerance among CEOs is reflected in their compensation packages. While total CEO compensation is roughly equal between men and women, female CEOs earn significantly higher salaries, especially at larger firms. |
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