MARKET REACTION TO THE ANNOUNCEMENT OF A MALE-TO-FEMALE CEO TURNOVER

Amanda L. Coxbill, Lee W. Sanning () and Sherrill Shaffer ()

CAMA Working Papers from Australian National University, Centre for Applied Macroeconomic Analysis

Abstract: This paper investigates the market reaction to a firm switching from a male CEO to a female CEO. We compare these firms against a four dimensional matched sample of male to male CEO appointments. Our results indicate that female CEO appointments are followed by small insignificant negative reactions, whereas male CEO announcements are followed by economically and statistically significant negative reactions. Analysis of compensation data indicates that female CEOs receive more equity compensation than males, though this difference is statistically insignificant.

JEL-codes: G14 G30 J16 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-lab
Date: 2009-05
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Persistent link: http://EconPapers.repec.org/RePEc:acb:camaaa:2009-13

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