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Better in the Shadows? Public Attention, Media Coverage, and Market Reactions to Female CEO Announcements
Sociological Science ( IF 2.7 ) Pub Date : 2021-05-17 , DOI: 10.15195/v8.a7
Edward Smith , Jillian Chown , Kevin Gaughan

Combining media coverage data from approximately 17,000 unique media outlets with the full population of CEO appointments for U.S. publicly traded firms between 2000 and 2016, we investigate whether female CEO appointments garner more public attention compared with male appointments, and if so, whether this increased attention can help make sense of the previously reported negative market reaction to these events. Contrary to prior reports, our data do not indicate that the appointments of female CEOs elicit overly negative market reactions, on average. Our results do highlight an important moderating role of public attention, however. We demonstrate that greater attention—even when exogenously determined—contributes to negative market reactions for female CEO appointments but positive market reactions for male CEOs, all else held constant. Additionally, female CEO appointments that attract little attention garner significant positive responses in the market, compared with both male CEOs drawing similarly limited levels of attention and female CEOs drawing high levels of attention. Our results help to reconcile contrasting empirical findings on the effects of gender in executive leadership and parallel recent work on anticipatory bias and second-order discrimination in alternative empirical contexts. Implications for research on attention, gender bias, and executive succession are discussed.

中文翻译:

在阴影中更好?公众关注度、媒体报道和市场对女性 CEO 公告的反应

将来自大约 17,000 家独立媒体的媒体报道数据与 2000 年至 2016 年间美国上市公司任命的 CEO 人数相结合,我们调查了女性 CEO 任命是否比男性任命获得更多公众关注,如果是,这是否会增加关注度可以帮助理解之前报道的对这些事件的负面市场反应。与之前的报告相反,我们的数据并未表明女性 CEO 的任命平均会引起过度负面的市场反应。然而,我们的结果确实突出了公众注意力的重要调节作用。我们证明,更大的关注——即使是外生决定的——会导致市场对女性 CEO 任命的负面反应,但对男性 CEO 的积极市场反应,所有其他因素都保持不变。此外,与男性 CEO 的关注度同样有限,而女性 CEO 的关注度高的情况相比,很少引起关注的女性 CEO 任命在市场上获得了显着的积极响应。我们的结果有助于调和关于性别在行政领导中的影响的对比实证研究结果,以及近期在替代经验背景下关于预期偏差和二阶歧视的平行研究。讨论了对注意力、性别偏见和高管继任研究的影响。我们的结果有助于调和关于性别在行政领导中的影响的对比实证研究结果,以及近期在替代经验背景下关于预期偏差和二阶歧视的平行研究。讨论了对注意力、性别偏见和高管继任研究的影响。我们的结果有助于调和关于性别在行政领导中的影响的对比实证研究结果,以及近期在替代经验背景下关于预期偏差和二阶歧视的平行研究。讨论了对注意力、性别偏见和高管继任研究的影响。
更新日期:2021-05-17
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