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A vicious cycle of symbolic tokenism: The gendered effects of external board memberships on chief executive officer compensation
Human Resource Management ( IF 6.235 ) Pub Date : 2021-01-28 , DOI: 10.1002/hrm.22055
Shavin Malhotra 1 , Winny Shen 2 , PengCheng Zhu 3
Affiliation  

Integrating theoretical perspectives on tokenism and perceived preferential selection, we explore whether the relationship between chief executive officers' (CEOs') external board memberships and CEO compensation is gendered. Based on recent pressures to diversify corporate boards, we theorize that female CEOs' memberships on external boards will result in less monetary compensation relative to male CEOs due to concerns of organizational decision-makers that female CEOs generally inhabit token or “symbolic” positions of limited value. Additionally, we present competing hypotheses (i.e., mitigation vs. exacerbation) regarding how this devaluation will be affected by female representation on the board of directors and compensation committee, respectively. Using a panel sample of 12,464 firm-year observations comprising of 1,805 unique firms and 2,782 unique CEOs, the relationship between CEO external board memberships and compensation is indeed weaker for female compared to male CEOs. Furthermore, this devaluation primarily occurred in organizations where there was stronger (vs. weaker) female representation on the board of directors or compensation committee. However, supplemental analyses revealed that this differential devaluation was mitigated when female executives on the board held greater power (i.e., chaired important committees), highlighting the importance of moving beyond mere representation to ensuring influence on boards for female directors.

中文翻译:

象征性象征主义的恶性循环:外部董事会成员对首席执行官薪酬的性别影响

整合关于象征主义和感知偏好选择的理论观点,我们探讨了首席执行官 (CEO) 外部董事会成员身份与 CEO 薪酬之间的关系是否存在性别差异。基于最近公司董事会多元化的压力,我们的理论是,由于组织决策者担心女性 CEO 通常担任有限的象征性或“象征性”职位,因此女性 CEO 在外部董事会中的成员身份将导致相对于男性 CEO 更少的货币补偿。价值。此外,我们分别提出了关于这种贬值将如何受到董事会和薪酬委员会中女性代表的影响的相互竞争的假设(即缓解与恶化)。使用包含 12,464 个公司年观察的面板样本,其中包括 1、805 家独特的公司和 2,782 位独特的 CEO,与男性 CEO 相比,女性 CEO 外部董事会成员与薪酬之间的关系确实较弱。此外,这种贬值主要发生在有女性在董事会或薪酬委员会中的代表性更强(相对于弱)。然而,补充分析表明,当董事会中的女性高管拥有更大的权力(即主持重要委员会)时,这种差异性贬值会得到缓解,这突出了超越单纯的代表权,以确保女性董事对董事会的影响的重要性。
更新日期:2021-01-28
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