Gender-based CEO transitions: The role of the Big Three

Xiaochuan Song

Finance Research Letters, 2023, vol. 52, issue C

Abstract: The Big Three institutional investors have played an increasingly important role in corporate America. This paper investigates whether the Big Three's advocacy for gender diversity extends beyond the board level to the top management. I find that the Big Three ownership is positively associated with firms’ appointment of female CEOs when transitions occur, implying that gender diversity advocacy by index investors has effectively spilled over to top management positions. Interestingly, transitions involving female CEO appointments are positively valued by the market. My findings highlight the Big Three's commitment to tackling diversity-related issues and their ability to steer corporate decision-making.

Keywords: The big three; CEO transition; Gender diversity; Top management team (search for similar items in EconPapers)
JEL-codes: D22 G30 G32 M12 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:52:y:2023:i:c:s1544612322007577

DOI: 10.1016/j.frl.2022.103581

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