Revisiting the Gender Gap in CEO Compensation: Replication and Extension of Hill, Upadhyay, and Beekun (2015)'s Work on CEO Gender Pay Gap

Research Summary: The increasing number of women chief executives motivates considerable interest in examining possible gender differences in CEO compensation. Recently, Hill, Upadhyay and Beekun reported that female CEOs receive greater compensation than male CEOs, which runs counter to common wisdom that the gender pay gap in the labor market favors men over women. With the goal of contributing to cumulative knowledge development in this area, we seek to reexamine Hill et al.'s finding about gender differences in CEO compensation by extending the analyses further in time, using a larger sample of firms and more rigorous empirical analyses. Our findings, which are robust to different statistical procedures and econometric specifications, do not reveal reliable evidence for differences in compensation paid to male and female CEOs. Managerial Summary: For years, a lively debate has centered on the issue of gender pay gap. The ubiquity of the pay gap between men and women has recently been questioned by Hill et al. who identify the chief executive officer (CEO) role as a workplace position where women receive greater compensation than men. Our investigation examines whether women CEOs are indeed compensated substantively more than male CEOs. We seek to replicate earlier work by Hill and colleagues, using an expanded dataset over a longer period of time and with more rigorous analytical tools. We do not find reliable evidence for a difference in compensation paid to male and female CEOs, suggesting that claims about gender gap in CEO compensation favoring women over men may be premature.

研究摘要：女性首席执行官数量的增加激发了人们对研究首席执行官薪酬可能存在的性别差异的极大兴趣。最近，希尔、乌帕德亚伊和比昆报告称，女性首席执行官获得的薪酬高于男性首席执行官，这与劳动力市场中性别薪酬差距对男性有利的普遍认知相悖。为了促进该领域知识的积累，我们试图通过扩大时间范围、使用更大的公司样本以及更严谨的实证分析，重新审视希尔等人关于首席执行官薪酬性别差异的研究结果。我们的研究结果在不同的统计方法和计量经济学规范下都很稳健，没有发现支付给男性和女性首席执行官薪酬存在差异的可靠证据。 管理摘要：多年来，一场激烈的辩论围绕着性别薪酬差距问题展开。希尔等人最近对男女薪酬差距的普遍存在提出了质疑，他们指出首席执行官这一职位中女性获得的薪酬高于男性。我们的调查旨在检验女性首席执行官是否确实比男性首席执行官获得了更高的薪酬。我们试图使用更长时间跨度的扩展数据集以及更严谨的分析工具，复制希尔及其同事的早期研究。我们没有发现支付给男性和女性首席执行官薪酬存在差异的可靠证据，这表明关于首席执行官薪酬中女性优于男性的性别差距的说法可能为时过早。