Corporate Leadership and Inherited Beliefs About Gender Roles

R. David McLean, Christo Pirinsky and Mengxin Zhao

Journal of Financial and Quantitative Analysis, 2023, vol. 58, issue 8, 3274-3304

Abstract: Some U.S. firms have women directors and executives, while many do not. We seek to explain this heterogeneity. Using U.S. Census data from 1900, we find that U.S. counties with populations originating from countries with stronger gender-egalitarian beliefs have more women in the labor market and in STEM occupations, and lower gender-pay gaps. Firms headquartered in such counties have more women executives and directors. When firms move to more gender-egalitarian counties, the representation of women on board increases. Our findings are consistent with the idea that inherited beliefs about gender roles impact the labor market and corporate leadership.

Date: 2023
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