Do female CMOs enhance firm performance? Power matters

Kwangwuk Oh and Sujin Song

Journal of Business Research, 2023, vol. 158, issue C

Abstract: The diversity of top management teams is increasingly being recognized as an important predictor of firm performance. Using upper echelons theory and the literature of innovation and market agility, we posit that having a powerful diverse Chief Marketing Officer (CMO) is related to a positive firm performance. We empirically investigated the gender of the CMO as a variable of increasing diversity in Top Management Team (TMT) in relation to firm performance. We found that having a female CMO with high power in the TMT is highly associated with positive firm performance. This suggests gender diversified powerful CMOs enhance firm performance.

Keywords: ESG; Diversity; Gender; CMO; TMT; Firm performance; Total Q (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbrese:v:158:y:2023:i:c:s0148296323000644

DOI: 10.1016/j.jbusres.2023.113706

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