Gender and Managerial Job Mobility: Career Prospects for Executives Displaced by Acquisitions

Xiaohu Guo, Vishal K. Gupta, Sandra Mortal and Vikram Nanda

Journal of Financial and Quantitative Analysis, 2024, vol. 59, issue 7, 3299-3339

Abstract: We investigate how men and women fare in the managerial labor market in the plausibly exogenous circumstance of their firms being acquired when most target-firm managers (about 90%) are displaced. These career disruptions result in a larger drop in rank and compensation for female managers, despite similar job search attributes. Gender differences are mitigated when hiring firms have more women in upper-echelon positions. Rich managerial experience and external board service also reduce gender-related differences. Overall, results point to a (implicit) “gender penalty” in terms of managerial job mobility, but also indicate contexts in which penalty is alleviated, and even reversed.

Date: 2024
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