Headlines 2016

Confirming the existence of a glass ceiling


Matti Keloharju, Professor of Finance at Aalto University in Finland, Samuli Knüpfer, Professor of Finance at BI Norwegian Business School in Oslo, and Joacim Tåg,  Ph.D. and Program Director at IFN, has published a study about 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.

This paper uses exceptionally rich data on Swedish corporate executives and their personal characteristics to study gender gaps in CEO appointments and pay.

Read the working paper

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