@article{251b8d3f6fa245f18c33c6dee6cee490,
title = "What prevents women from reaching the top?",
abstract = "We use rich data on all business, economics, and engineering graduates in Sweden to study the lack of women among chief executive officers (CEOs). A comprehensive battery of graduates{\textquoteright} characteristics explains 40% of the gender gaps in CEO appointments and 60% among graduates with children. The explanatory power mostly comes from absences and unemployment, which are about twice as likely for women as men. These gender differences increase following childbirth, and they persist in the long run. We present and discuss potential explanations to the explained and remaining gaps. Although the large unexplained share makes it hard to pinpoint the exact reason for the gender gap in CEO appointments, the large contribution of labor market attachment to the explained share suggests work–family trade-offs are an important part of the story.",
keywords = "512 Business and Management, CEOs, family, gender gap, labor market attachment, qualifications",
author = "Matti Keloharju and Samuli Kn{\"u}pfer and Joacim T{\aa}g",
note = "Publisher Copyright: {\textcopyright} 2022 The Authors. Financial Management published by Wiley Periodicals LLC on behalf of Financial Management Association International Funding Information: We thank an anonymous referee, Ren{\'e}e Adams, Marianne Bertrand, Espen Eckbo, Robert Fairlie, Claudia Goldin, Lena Hensvik, Andrea Ichino, Dirk Jenter, Arizo Karimi, Victor Lavy, Amalia Miller, Claudia Olivetti, Martin Olsson, Johanna Rickne, Matti Sarvim{\"a}ki, Karin Thorburn, Margarita Tsoutsoura, Luigi Zingales, and seminar and conference participants at BI Norwegian Business School, Boston College, Boston University, City University London, CSEF, Harvard Business School, Hong Kong Baptist University, Hong Kong University, IFN, Linnaeus University, Northeastern University, Norwegian School of Economics, Stockholm Business School, Stockholm School of Economics, Stockholm University, Swedish Ministry of Finance, University of Bristol, University of Exeter, University of Massachusetts at Boston, University of St. Gallen, Uppsala University, {\"O}rebro University, American Finance Association, National Conference for Swedish Economists, and Society of Labor Economics Conference for valuable comments and suggestions. Simon Ek, Charlotta Olofsson, and Ingvar Ziemann provided excellent research assistance. Academy of Finland, Deloitte Institute of Innovation and Entrepreneurship, Marianne and Marcus Wallenberg Foundation (2015.0048, 2020.0049), Torsten S{\"o}derbergs Stiftelse (E31/18, ET2/20), and Vinnova. Publisher Copyright: {\textcopyright} 2022 The Authors. Financial Management published by Wiley Periodicals LLC on behalf of Financial Management Association International.",
year = "2022",
month = feb,
day = "16",
doi = "10.1111/fima.12390",
language = "English",
volume = "51",
pages = "711--738",
journal = "Financial Management",
issn = "0046-3892",
publisher = "John Wiley & Sons",
number = "3",
}
