Are Female Top Managers Really Paid Less?

Are Female Top Managers Really Paid Less?

Philipp Geiler, Luc Renneboog

Series number :

Serial Number: 
403/2014

Date posted :

January 01 2014

Last revised :

January 31 2014
SSRN Share

Keywords

  • executive compensation • 
  • Gender Pay Gap • 
  • gender discrimination • 
  • pay-for-performance • 
  • glass ceiling • 
  • glass cliff

Are female top managers paid less than their male counterparts? Is the gender gap higher in male-dominated industries? What effect on pay do female non-executive directors and remuneration consultants exert? While we find no pay gap for the figure-head (CEO), there is strong pay discrimination at the level of the other top managers.

These female executive directors earn over a five-year tenure period £1.3 million less than male directors, and this pay gap is visible for all components of pay. The pay gap is lower for executives in firms with one or more female non-executives. Female executives in ?male? industries receive less remuneration than male executives but the gender pay gap is smaller. The advice of top remuneration consultants does not reduce the pay gap.

Authors

Dr
Real name:
Philipp Geiler
EMLYON Business School