Gender and risk: Women, risk taking and risk aversion

Gender in Management

Volumn 25, Issue 7, 2010, Pages 586-604

  Maxfield, Sylvia ^a   Shapiro, Mary ^a   Gupta, Vipin ^b   Hass, Susan ^a  

^a SIMMONS COLLEGE   (United States)

^b CALIFORNIA STATE UNIVERSITY   (United States)

Author keywords

Gender; Mentoring; Risk management; Women

Indexed keywords

EID: 78149252289     PISSN: 17542413     EISSN: None     Source Type: Journal    
DOI: 10.1108/17542411011081383     Document Type: Article

References (111)

1. Anderson, C. and Galinsky, A.D. (2006), "Power, optimism and risk-taking" in European Journal of Psychology, Vol. 36, pp. 511-36.
2. Badunenko, O., Barasinska, N. and Schafer, D. (2009), "Risk attitude and investment decisions across European countries - are women more risk averse investors than men?", DIW, Berlin, Working Paper D.6.2, Finess.
3. Ballout, H.I. (2009), "Career commitment and career success: moderating role of self-efficacy" in Career Development International, Vol. 14, No. 7, pp. 655-70.
4. Bandura, A. (1982), "Self-efficacy mechanism in human agency" in American Psychologist, Vol. 37, No. 2, pp. 122-47.
5. Bandura, A. (1986), Social Foundations of Thought and Action: A Social Cognitive Theory, Prentice-Hall, Englewood Cliffs, NJ.
6. Bandura, A. (1997), Self-efficacy: The Exercise of Control, W. H. Freeman, New York, NY.
7. Barsky, R.B., Juster, T., Kimball, M.S. and Shapiro, M.D. (1997), "Preference parameters and behavioral heterogeneity" in Quarterly Journal of Economics, Vol. 112, No. 2, pp. 537-79.
8. Beckman, D. and Menkhoff, L. (2008), "Will women be women? Analyzing the gender difference among financial experts", Economics Department, Leibniz Universitat, Hanover, Discussion Paper No. 391.
9. Bolman, L. and Deal, T. (1991), Reframing Organizations: Artistry, Choice, and Leadership, Jossey-Bass, San Francisco, CA.
10. Bolman, L. and Deal, T. (1997), Reframing Organizations: Artistry, Choice, and Leadership, Jossey-Bass, San Francisco, CA.
11. Bolman, L. and Deal, T. (2003), Reframing Organizations: Artistry, Choice, and Leadership, Jossey-Bass, San Francisco, CA.
12. Cabrera, E.F. (2007), "Opting out and opting in: understanding the complexities of women's career transitions" in Career Development International, Vol. 12, No. 3, p. 218.
13. Castillo, M.E. and Cross, P.J. (2008), "Of mice and men: within gender variation in strategic behavior" in Games and Economic Behavior, Vol. 64, pp. 421-32.
14. Catalyst (2009), "Quick takes: women in US management", available at: www.catalyst.org/publication/206/women-in-us-management (accessed 8 November 2009).
15. Charness, G. and Gneezy, U. (2007), "Strong evidence for gender differences in investment", Economics Department, University of California, Santa Barbara, CA, working paper.
16. Chung, B.Y. (2002), "Career decision-making, self-efficacy and career commitment: gender and ethnic differences among college students" in Journal of Career Development, Vol. 28, No. 4, pp. 277-84.
17. Coates, J.M. and Herbert, J. (2008), "Endogenous steroids and financial risk taking on a London trading floor" in Proceedings of the National Academy of Science, Vol. 105, No. 16, pp. 6167-72.
18. Corman, J. (2001), "Gender comparisons in strategic decision-making: an entrepreneurial analyses of the entrepreneurial strategy mix" in Journal of Small Business Management, Vol. 39, No. 2, pp. 165-73.
19. Croson, R. and Gneezy, U. (2009), "Gender difference in preferences" in Journal of Economic Literature, Vol. 47, No. 2, pp. 1-27.
20. de Vita, E. (2008), "Let women tame the macho excess", Management Today, available at: www.managementtoday.co.uk/search/article/865053/let-women-tame-macho-excess (accessed 4 March 2009).
21. Dietz, B.E., Carrozza, M. and Ritchey, P.N. (2003), "Does financial self-efficacy explain gender differences in retirement saving strategies?" in Journal of Women and Aging, Vol. 15, No. 4, pp. 83-96.
22. Dohmen, T., Falk, A., Hoffman, D., Sunde, U., Schupp, J. and Wagner, G.C. (2005), "Individual risk attitudes: new evidence from a large, representative, experimentally validates survey", Institute for the Study of Labor, Bonn, Discussion Paper 1730.
23. Eagly, A.H. and Carli, L.L. (2007), "Women and the labyrinth of leadership" in Harvard Business Review, Vol. 85, No. 9, pp. 62-70.
24. Eckel, C.C. and Grossman, P.J. (2003), "Men, women and risk aversion: experimental evidence", Handbook of Experimental Economic Results, Elsevier, New York, NY, available at: http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.121.1951&rep=rep1&type=pdf (accessed 4 March 2009).
25. Eckel, C.C. and Grossman, P.J. (2008), "Men, women and risk aversion: experimental evidence", Handbook of Experimental Economics Results, Vol. I, Elsevier B.V., New York, NY, available at: http://aysps.gsu.edu/isp/files/ISP_Ind_3.pdf.
26. Fehr-Duda, H., de Gennaro, M. and Shubert, R. (2006), "Gender, financial risk, and probability weights" in Theory and Decision, Vol. 60, pp. 283-313.
27. Fellner, G. and Maciejovsky, B. (2007), "Risk attitude and market behavior: evidence from experimental asset markets" in Journal of Economic Psychology, Vol. 28, No. 3, pp. 338-50.
28. Ferrary, M. (2009), "Why women managers shine in a downturn", Financial Times, 3 February, available at: www.generation-europe.eu.com/drupal_prev_v1/news/why-women-managers-shine-a-downturn-financial-times-02032009 (accessed 2 February 2010).
29. Fletcher, J.K. (1999), Disappearing Acts: Gender, Power, and Relational Practice at Work, MIT Press, Cambridge, MA.
30. Fletcher, J.K. (2004), "The paradox of post heroic leadership: an essay on gender, power and transformational change" in Leadership Quarterly, Vol. 15, No. 5, pp. 647-61.
31. Fletcher, J.K. and Merrill-Sands, D. (1998), "Looking below the surface: the gendered nature of organizations", CGO Insights.
32. Gandz, J. and Murray, V. (1980), "The experience of workplace politics" in Academy of Management Journal, Vol. 23, pp. 237-51.
33. Gaubatz, K.T. (2008), "Maastricht and motivations: an empirical lever for understanding European integration", paper presented at the Annual Meeting of the International Studies Association's 49th Annual Convention, "Bridging Multiple Divides," San Francisco, CA.
34. George, B. (2008), "America's best leaders: Anne Mulcahy, Xerox, CEO", US News & World Report, 19 November, available at: www.usnews.com/articles/news/best-leaders/2008/11/19/americas-best-leaders-anne-mulcahy-xerox-ceo_print.htm (accessed 25 January 2009).
35. Gersick, C.J.G., Bartunek, J.M. and Dutton, J. (2000), "Learning from academia: the importance of relationships in professional life" in Academy of Management Journal, Vol. 43, No. 6, pp. 1026-44.
36. Gilligan, C. (1981), In a Different Voice: Psychological Theory and Women's Development, Harvard University Press, Cambridge, MA.
37. Gist, M. (1987), "Self-efficacy: implications for organizational behavior and human resource management" in The Academy of Management Review, Vol. 12, No. 3, pp. 472-86.
38. Groshev, I.V. (2002), "Gender perceptions of power" in Sociological Research, Vol. 41, No. 1, pp. 5-20.
39. Groysberg, B. (2008), "How star women build portable skills" in Harvard Business Review, Vol. 86, No. 2, pp. 74-81.
40. Guinier, L. (1998), Lessons and Challenges of Becoming Gentlemen, New York University, New York, NY.
41. Gupta, V., Maxfield, S., Shapiro, M. and Hass, S. (2009), Gender and Risk: Busting the Myth of Women as Risk Averse, Center for Gender in Organizations, Simmons School of Management, Boston, MA, CGO Insights No. 28.
42. Gupta, V., Shapiro, M., Maxfield, S. and Hass, S. (2010), "Risk-seeking women: career strategies typology and career success", Simmons School of Management, Boston, MA, working paper.
43. Haass, R.N. (1994), The Power to Persuade: How to be Effective in Government, the Public Sector, or Any Unruly Organization, Houghton Mifflin, Boston, MA.
44. Harrant, V. and Vaillant, N.G. (2008), "Are women less risk averse than men?" in Evolution and Human Behavior, Vol. 29, No. 6, pp. 396-401.
45. Harris, C., Jenkins, M. and Glaser, D. (2006), "Gender differences in risk assessment" in Judgement and Decision-Making, Vol. 1, No. 1, pp. 48-63.
46. Harrtell, E. (2007), "Are women more risk averse than men?", available at: hj.diva-portal.org/smash/get/diva2:4551/FULLTEXT01 (accessed 4 March 2009).
47. He, X., Inman, J.J. and Mittal, V. (2007), "Gender jeopardy in financial risk taking" in Journal of Marketing Research, Vol. 44, pp. 414-24.
48. Hersch, J. (1996), "Smoking, seat belts, and other risky consumer decisions" in Managerial and Decision Economics, Vol. 17, No. 5, pp. 471-81.
49. Hewlett, S.A. (2008), "The glass cliff: are women leaders often set up to fail?", Harvard Business Review, HBR Voices, 5 August, available at: http://discussionleader.hbsp.com/hbr/hewlett/2008/08/are_women_leaders_often_set_up. html (accessed 25 January 2009).
50. Hewlett, S.A. and Buck Luce, C. (2005), "Off-ramps and on-ramps: keeping talented women on the road to success" in Harvard Business Review, Vol. 83, No. 3, pp. 43-54.
51. Hibbert, A.M. (2008), "Essays on risk aversion, diversification and non-participation", available at: http://digitalcommons.fiu.edu/etd/67.
52. Hibbert, A.M., Lawrence, E. and Prakash, A. (2008), "Are women more risk averse than men?", Florida International University, Miami, FL, working paper.
53. Hitt, M.A., Miller, C.C. and Colella, A. (2009), Organizational Behavior: A Strategic Approach, Wiley, Hoboken, NJ.
54. Holt, C.A. and Laury, S.K. (2002), "Risk aversion and incentive effects" in American Economic Review, Vol. 92, No. 5, pp. 1644-55.
55. House, R.J., Hanges, P.J., Javidan, M., Dorfman, P.W. and Gupta, V. (Eds.) (2004), Culture, Leadership, and Organizations: The GLOBE Study of 62 Cultures, Sage, Thousand Oaks, CA.
56. Ibarra, H. (1992), "Homophily and differential returns: sex differences in network structure and access in an advertising firm" in Administrative Science Quarterly, Vol. 37, No. 3, pp. 422-47.
57. Iqbal, Z., Sewon, O. and Beck, H.Y. (2006), "Are female executives more risk averse than male executives?" in Atlanta Economic Journal, Vol. 34, No. 1, pp. 63-74.
58. Jianakoplos, N. and Bernasek, A. (1998), "Are women more risk averse?" in Economic Inquiry, Vol. 36, No. 4, pp. 620-30.
59. Johnson, J. and Powell, P. (1993), "Decision making, risk and gender: are managers different?" in British Journal of Management, Vol. 5, pp. 123-38.
60. Johnson, J.E.V. and Powell, P.I. (1994), "Decision making, risk and gender: are managers different?" in British Journal of Management, Vol. 5, No. 2, pp. 123-38.
61. Jones, G.R. (1986), "Socialization tactics, self-efficacy, and newcomers' adjustments to organizations" in Academy of Management Journal, Vol. 29, No. 2, pp. 262-80.
62. Karlgaard, R. (2005), "Carly Fiorina's seven deadly sins", Wall Street Journal, (Eastern Edition).
63. Kitzinger, C. (1991), "Feminism, psychology and the paradox of power" in Feminism and Psychology, Vol. 1, No. 1, pp. 111-29.
64. Klenke, K. (2003), "Gender influences in decision-making processes in top management teams" in Management Decision, Vol. 41, No. 10, p. 1024.
65. Kotter, J. (1985), Power and Influence: Beyond Formal Authority, The Free Press, New York, NY.
66. Kouzes, J.M. and Posner, B.Z. (2002), The Leadership Challenge, Jossey-Bass, San Francisco, CA.
67. Lashinsky, A. (2002), "Now for the hard part" in Fortune, Vol. 146, No. 10, pp. 94-102, 18 November.
68. Lee, C. and Gillen, D.J. (1989), "Relationship of type A behavior pattern, self-efficacy perceptions on sales performance" in Journal of Organizational Behavior, Vol. 10, No. 1, pp. 75-82.
69. Levin, I.P., Snyder, M.A. and Chapman, D.P. (1988), "The interaction of experiential and situation factors and gender in a simulated risky decision-making task" in The Journal of Psychology, Vol. 122, No. 2, pp. 173-81.
70. Linehan, M. (2001), "Networking for female managers' career development: empirical evidence" in Journal of Management Development, Vol. 20, Nos 9/10, pp. 823-30.
71. Llewellyn, D.J., Sanchez, X., Asghar, A. and Jones, G. (2008), "Self-efficacy, risk taking and performance in rock climbing" in Personality and Individual Differences, Vol. 45, No. 1, pp. 75-81.
72. McClelland, D.C. and Burnham, D.H. (2003), "Power is the great motivator" in Harvard Business Review, Vol. 81, No. 1, pp. 117-26.
73. Masters, R. and Meier, R. (1988), "Sex-differences and risk-taking propensity of entrepreneurs" in Journal of Small Business Management, Vol. 26, No. 1, pp. 31-5.
74. Meier-Pesti, K. and Goetze, E. (2006), "Masculinity and feminity as predictors of financial risk-taking" in European Advances in Consumer Research, Vol. 7, p. 45.
75. Merrill-Sands, D., Kickul, J. and Ingols, C. (2005), "Women pursuing leadership and power: challenging the myth of the 'opt out' revolution", Center for Gender in Organizations, Simmons School of Management, Boston, MA, CGO Insights No. 20.
76. Miller, C.L. and Cummins, A.G. (1992), "An examination of women's perspectives on power" in Psychology of Women Quarterly, Vol. 16, No. 4, pp. 415-28.
77. Moreschi, R. (2005), "An analysis of the ability of individuals to predict their own risk tolerance" in Journal of Business and Economics Research, Vol. 3, No. 2, pp. 39-48.
78. Mortgenson, G. (2008), "Naked came the speculators", The New York Times, Business; Column "Money and Business/Financial Desk", 10 August, p. 1, available at: www.nytimes.com/2008/08/10/business/10gret.html?_r=1&scp=166&sq=Morgenson&st=nyt (accessed 25 January 2009).
79. Mueller, S.L. and Conway Dato-On, M. (2008), "Gender-role orientation as a determinant of entrepreneurial self-efficacy" in Journal of Developmental Entrepreneurship, Vol. 13, No. 1, pp. 3-20.
80. O'Conner, S. (2008), "Iceland calls in women to clean up 'young men's mess'", Woman Capital, available at: www.womancapital.nl/ft1.htm (accessed 2 February 2010).
81. Olsen, R.A. and Cox, C.M. (2001), "The influence of gender on the perception and response to investment risk: the case of professional investors" in Journal of Behavioral Finance, Vol. 2, No. 1, pp. 29-36.
82. Pacula, R.L. (1997), "Women and substance use: are women less susceptible to addiction?" in The American Economic Review, Vol. 87, pp. 454-9.
83. Pfeffer, J. (1992), Managing with Power, Harvard Business School Press, Boston, MA.
84. Powell, M. and Ansic, D. (1998), "Gender differences in risk behavior in financial decision-making: an experimental analysis" in Journal of Economic Psychology, Vol. 18, No. 6, pp. 605-28.
85. Prince, M. (1993), "Women, men and money styles" in Journal of Economic Psychology, Vol. 14, pp. 175-82.
86. Riley, W.B. and Chow, K.V. (1992), "Asset allocation and individual risk aversion" in Financial Analysts Journal, Vol. 48, No. 6, pp. 2-37.
87. Roberts, D.D., Roberts, L.M., O'Neill, R.M. and Blake-Beard, S.D. (2008), "The invisible work of managing visibility for social change: insights from the leadership of Reverend Dr. Martin Luther King, Jr." in Business and Society, Vol. 47, No. 4, pp. 425-58.
88. Rothstein, M.G. and Davey, L.M. (1995), "Gender differences in network relationships in academia" in Women in Management Review, Vol. 10, No. 6, pp. 20-6.
89. Ryan, M.K. and Haslam, S.A. (2005), "The glass cliff: evidence that women are over-represented in precarious leadership positions" in British Journal of Management, Vol. 16, No. 2, pp. 81-90.
90. Ryan, M.K. and Haslam, S.A. (2007), "The glass cliff: exploring the dynamics surrounding women's appointment to precarious leadership positions" in Academy of Management Review, Vol. 32, No. 2, p. 549.
91. Schein, E.H. (1990), Career Anchors: Discovering Your Real Values, Jossey-Bass, San Diego, CA.
92. Schubert, R., Brown, M., Gylser, M. and Brachinger, H.W. (1999), "Financial decision-making: are women really more risk-averse?" in The American Economic Review, Vol. 89, No. 2, pp. 381-5.
93. Schubert, R., Gysler, M., Brown, M. and Brachinger, H.W. (2000), "Gender specific attitudes towards risk and ambiguity: an experimental investigation", Center for Economic Research, Swiss Federal Institute of Technology, Zurich, working paper.
94. Seiger, C.P. and Wiese, B.S. (2009), "Social support from work and family domains as an antecedent or moderator of work-family conflicts?" in Journal of Vocational Behavior, Vol. 75, No. 1, p. 26.
95. Shapiro, M., Ingols, C. and Blake-Beard, S. (2007), "Optioning in versus opting out: women using flexible work arrangements for career success", Center for Gender in Organizations, Simmons School of Management, Boston, MA, CGO Insights No. 25.
96. Shapiro, M., Ingols, C., O'Neill, R. and Blake-Beard, S. (2009), "Making sense of women as career self-agents: implications for human resource development" in Human Resource Development Quarterly, Vol. 20, No. 4, pp. 477-501.
97. Simons, D.J. and Chabris, C.F. (1999), "Gorillas in our midst: sustained inattentional blindness for dynamic events" in Perception, Vol. 28, pp. 1059-74.
98. Slovic, P. (1966), "Risk-taking in children: age and sex differences" in Child Development, Vol. 37, pp. 169-76.
99. Sunden, A.E. and Surette, B.J. (1998), "Gender differences in the allocation of assets in retirement savings plans" in American Economic Review, Vol. 88, pp. 207-11, (Proceedings).
100. Syed, M. (2008), "What caused the crunch? Sex in the city", The Times London, 30 September, available at: http://women.timesonline.co.uk/tol/life_and_style/women/the_way_we_live/article4848188.ece (accessed 25 January 2009).
101. Tannen, D. (1994), Talking From 9 to 5: How Women's and Men's Conversational Styles Affect Who Gets Heard, Who Gets Credit, and What Gets Done at Work, William Morrow, New York, NY.
102. Tannen, D. (1995), "The power of talk: who gets heard and why" in Harvard Business Review, Vol. 73, No. 5, pp. 138-48.
103. Tsiantar, D. (2006), "Ann Mulcahy", Time Magazine, 30 April, available at: http://time.com/time/magazine/article/0.9171.1186972.00.html (accessed 25 January 2009).
104. Wagner, M.K. (2001), "Behavioral characteristics related to substance abuse and risk-taking, sensation-seeking, anxiety sensitivity and self-reinforcement" in Addictive Behaviors, Vol. 26, pp. 115-20.
105. Waldrop, J. and Butler, T. (2000), The Twelve Bad Habits That Hold Good People Back, Currency Doubleday, New York, NY.
106. Warner, M. (2005), "Reorganizing at Sara Lee includes a new chief", New York Times Magazine, 11 February, available at: www.nytimes.com/2005/02/11/business/11sara.html (accessed 25 January 2009).
107. West, C. and Zimmerman, D.H. (2003), "Doing gender" in Ely, R.J., Foldy, E.G., Scully, M.A., The Center for Gender in Organizations at Simmons School of Management (Eds.), Reader in Gender, Work and Organization, Blackwell, Oxford, pp. 62-74.
108. White, R.E., Thornhill, S. and Hampson, E. (2007), "A biosocial model of enterpreneurship: the combined effects of nuture and nature" in Journal of Organizational Behavior, Vol. 28, No. 4, pp. 451-66.
109. Yates, J.F. and Stone, E.R. (1992), "The risk construct" in Yates, J.F. (Ed.), Risk-taking Behavior, Wiley, San Francisco, CA, pp. 1-25.
110. Zaleznik, A. and Kets de Vries, M. (1975), Power and the Corporate Mind, Houghton Mifflin, Boston, MA.
111. Zinkhan, G. and Karande, K. (1991), "Cultural and gender differences in risk taking behavior among American and Spanish decision makers" in Journal of Social Psychology, Vol. 131, No. 5, pp. 741-2.