Working Paper No. 1111

Equal Opportunity? Gender Gaps in CEO Appointments and Executive Pay

Published: February 18, 2016Pages: 46Keywords: CEOs; Compensation; Discrimination; Executives; Gender differencesJEL-codes: G34; J16; J24; J31

Equal Opportunity? Gender Gaps in CEO Appointments and Executive Pay Matti Keloharju, Samuli Knüpfer and Joacim Tåg


This paper uses exceptionally rich data on Swedish corporate executives and their personal characteristics to study gender gaps in CEO appointments and pay. Both gaps are sizeable: 18% for CEO appointments and 27% for pay. At most one-eight of the gaps can be attributed to observable gender differences in executives’ and their firms’ characteristics.

Further tests suggest that unobservable gender differences in characteristics are unlikely to account for the remaining gaps. Instead, our results are consistent with the view that male and female executives sharing equal attributes neither have equal opportunities to reach the top, nor are they equally paid.

 

Joacim Tåg

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Ph: +46 8 665 4524
joacim.tag@ifn.se

Matti Keloharju

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Ph: +358 40 353 8043
matti.keloharju@aalto.fi

An Agenda for Europe

Institutional Reform for Innovation and Entrepreneurship

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The authors of this book, Niklas Elert, Magnus Henrekson and Mikael Stenkula, advise the economies of the European Union to become more entrepreneurial in promoting innovation and economic growth. The authors propose a reform strategy with respect to several aspects to achieve this goal.

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