Leadership change and shareholder value: How markets react to the appointments of women

Human Resource Management

Volumn 50, Issue 4, 2011, Pages 501-519

  Cook, Alison ^a   Glass, Christy ^a  

^a UTAH STATE UNIVERSITY   (United States)

Author keywords

Industry gender composition; Women in leadership; Women's career mobility

Indexed keywords

EID: 79960796307     PISSN: 00904848     EISSN: 1099050X     Source Type: Journal    
DOI: 10.1002/hrm.20438     Document Type: Article

References (96)

1. Acker, J. (1990). Hierarchies, jobs, bodies: A theory of gendered organizations. Gender & Society, 4(2), 139-158.
2. Baron, J. N., & Bielby, W. T. (1985). Organizational barriers to gender equality: Sex segregation of jobs and opportunities. In A. Rossi (Ed.), Gender and the life course (pp. 233-251). New York, NY: Aldine.
3. Baron, J. N., & Bielby, W. T. (1986). Men and women at work: Sex segregation and statistical discrimination. American Journal of Sociology, 91(4), 759-799.
4. Baron, R. M., & Kenny, D. A. (1986). The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173-1182.
5. Bartol, K. M., Martin, D. C., & Kromkowski, J. A. (2003). Leadership and the glass ceiling: Gender and ethnic group influences on leader behaviors at middle and executive managerial levels. Journal of Leadership and Organizational Studies, 9(8), 8-18.
6. Bass, B. M., & Avolio, B. J. (1994). Shatter the glass ceiling: Women may make better managers. Human Resource Management, 33(4), 549-560.
7. Beatty, R. P., & Zajac, E. J. (1987). CEO change and firm performance in large corporations: Succession effects and manager effects. Strategic Management Journal, 8(4), 305-317.
8. Becker, G. (1957). The economics of discrimination. Chicago, IL: University of Chicago Press.
9. Bertrand, M., & Hallock, K. (2001). The gender gap in top corporate jobs. Industrial and Labor Relations Review, 55(1), 3-21.
10. Bilimoria, D., Joy, S., & Liang, X. (2008). Breaking barriers and creating inclusiveness: Lessons of organizational transformation to advance women faculty in academic science and engineering. Human Resource Management, 47(3), 423-441.
11. Bodenhausen, G., Macrae, C. N., & Garst, J. (1998). Stereotypes in thought and deed: Social-cognitive origins of intergroup discrimination. In C. Sedikides, J. Schopler, & C. Insko (Eds.), Intergroup cognition and intergroup behavior (pp. 311-335). Mahwah, NJ: Erlbaum.
12. Brewer, M., & Brown, R. (1998). Intergroup relations. In D. T. Gilbert, S. T. Fiske, & G. Lindzey (Eds.), Handbook of social psychology (pp. 554-594). New York, NY: McGraw-Hill.
13. Britton, D. (2000). The epistemology of the gendered organization. Gender & Society, 14(3), 418-434.
14. Bureau of Labor Statistics. (2005). Labor Force Statistics from the Current Population Survey (SIC basis). Washington, DC: Government Printing Office.
15. Burt, R. S. (1995). Structural holes: The social structure of competition. Cambridge, MA: Harvard University Press.
16. Cann, A., & Siegfried, W. D. (1990). Gender stereotypes and dimensions of effective leader behavior. Sex Roles, 32(7-8), 413-419.
17. Carter, D., Simkins, B., & Simpson, W. G. (2003). Corporate governance, board diversity and firm value. The Financial Review, 38(1), 33-53.
18. Catalyst Organization. (2010). Statistical overview of women in the workplace. Retrieved from
19. Cohen, J., & Cohen, P. (1983). Applied multiple regression/correlation analysis for the behavioral sciences. Hillsdale, NJ: Erlbaum.
20. Cohen, L., Broschak, J., & Haveman, H. (1998). And then there were more? The effect of organizational sex composition on the hiring and promotion of managers. American Sociological Review, 63(5), 711-727.
21. Collinson, D., & Hearn, J. (1994). Naming men as men: Implications for work, organization and management. Gender, Work and Organization, 1(1), 2-23.
22. Davidson, W. N., Worrell, D., & Dutia, D. (1993). The stock market effects of CEO succession in bankrupt firms. Journal of Management, 19(3), 517-533.
23. Davies-Netzley, S. (1998). Women above the glass ceiling: Perceptions on corporate mobility and strategies for success. Gender & Society, 12(3), 339-355.
24. Davis, G. (2005). New directions in corporate governance. Annual Review of Sociology, 31, 143-162.
25. Davis, G., Diekmann, K., & Tinsley, C. (1994). The decline and fall of the conglomerate firm in the 1980s: The deinstitutionalization of an organizational form. American Sociological Review, 59(4), 547-570.
26. DiMaggio, P., & Powell, W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147-160.
27. DiTomaso, N., Post, C., & Parks-Yancy, R. (2007). Workforce diversity and inequality: Power, status and numbers. Annual Review of Sociology, 33, 473-501.
28. Downey, K. (2004, June 18). Survey finds few female directors: No women serve on boards of 54 Fortune 500 firms. The Washington Post, E03.
29. Elliott, J., & Smith, R. (2004). Race, gender and workplace power. American Sociological Review, 69(3), 365-386.
30. Ely, R. (1995). The power in demography: Women's social constructions of gender identity at work. Academy of Management Journal, 38(3), 589-634.
31. Epstein, C. F. (1998). Institutional barriers: What keeps women out of the executive suite? In F. Gordon & M. Strober (Eds.), Bringing women into management (pp. 7-21). New York, NY: McGraw-Hill.
32. Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. Journal of Finance, 25(2), 383-417.
33. Ferree, M. M., & Purkayastha, B. (2000). Equality and cumulative disadvantage: Response to Baxter and Wright. Gender & Society, 14(6), 809-813.
34. Fiske, S. (1998). Stereotyping, prejudice and discrimination. In D. T. Gilbert, S. T. Fiske, & G. Lindzey (Eds.), Handbook of social psychology (pp. 357-411). New York, NY: McGraw Hill.
35. Fligstein, N. (1990). The transformation of corporate control. Cambridge, MA: Harvard University Press.
36. Fligstein, N. (2001). The architecture of markets: An economic sociology of twenty-first-century capitalist societies. Princeton, NJ: Princeton University Press.
37. Fligstein, N., & Shin, T. (2005). Shareholder value and changes in American industries, 1984-2000, Institute of Industrial Relations Working Paper Series (Working Paper 304495). Berkeley, CA: University of California.
38. Gorman. (2006). Work uncertainty and the promotion of professional women: The case of law firm partnership. Social Forces, 85(2), 865-890.
39. Granovetter, M. (1973). The strength of weak ties. American Journal of Sociology, 78(6), 1360-1380.
40. Granovetter, M. (1985). Economic action and social structure: The problem of embeddedness. American Journal of Sociology, 91(3), 481-510.
41. Greenwald, A. G., & Banaji, M. R. (1995). Implicit social cognition: Attitudes, self-esteem and stereotypes. Psychological Review, 102(1), 4-27.
42. Greer, C. R., & Virick, M. (2008). Diverse succession planning: Lessons from the industry leaders. Human Resource Management, 47(2), 351-367.
43. Gruenfeld, D. H., Mannix, E. A., Williams, K. Y., & Neale, M. A. (1996). Group composition and decision making: How member familiarity and information distribution affect process and performance. Organizational Behavior and Human Decision Processes, 67(1), 1-15.
44. Hannon, J. M., & Milkovich, G. T. (1996). The effect of human resource reputation signals on share prices: An event study. Human Resource Management, 35(3), 405-424.
45. Heilman, M. E. (1995). Sex stereotypes and their effects in the workplace: What we know and what we don't know. Journal of Social Behavior and Personality, 10(6), 3-26.
46. Heilman, M. E. (2001). Description and prescription: How gender stereotypes prevent women's ascent up the organizational ladder. Journal of Social Issues, 57(4), 657-674.
47. Heilman, M. E., Block, C. J., Martell, R. F., & Simon, M. C. (1989). Has anything changed? Current characterizations of men, women, and managers. Journal of Applied Psychology, 74(6), 935-942.
48. Heilman, M. E., & Haynes, M. C. (2005). No credit where credit is due: Attributional rationalization of women's success in male-female teams. Journal of Applied Psychology, 90(5), 905-916.
49. Heilman, M. E., & Okimoto, T. G. (2007). Why are women penalized for success at male tasks? The implied communality deficit. Journal of Applied Psychology, 92(1), 81-92.
50. Heilman, M. E., Wallen, A. S., Fuchs, D., & Tamkins, M. M. (2004). Penalties for success: Reactions to women who succeed at male gender-typed tasks. Journal of Applied Psychology, 89(3), 416-427.
51. Huson, M. R., Malatesta, P. H., & Parrino, R. (2004). Managerial succession and firm performance. Journal of Financial Economics, 74(2), 237-275.
52. Ibarra, H. (1993). Personal networks of women and minorities in management: A conceptual framework. Academy of Management Review, 18(1), 56-87.
53. Kanter, R. M. (1977). Men and women of the corporation. New York, NY: Basic Books.
54. Keys, P., Ellis, E., Newsome, P., & Friday, S. (2003). Shareholder benefits of diversity. Unpublished manuscript, University of Delaware.
55. Kreiger, L. H. (1995). The contents of our categories: A cognitive bias approach to discrimination and equal employment opportunity. Stanford Law Review, 47(6), 1161-1248.
56. Lee, P. M., & James, E. H. (2007). She-E-Os: Gender effects and investor reactions to the announcements of top executive appointments. Strategic Management Journal, 28(3), 227-241.
57. MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of Economic Literature, 35(1), 13-39.
58. Martin, L. (1994). Power, continuity and change: Decoding black and white women managers' experience in local government. In M. Tanton (Ed.), Women in management: A developing presence (pp. 110-140). London, England: Routledge.
59. Martin, P. Y. (1996). Gendering and evaluating dynamics: Men, masculinities and managements. In D. Collinson & J. Hearn (Eds.), Men as managers, managers as men (pp. 186-209). London, England: Sage.
60. McGuire, G. (2002). Gender, race and the shadow of structure: A study of informal networks and inequality in a work organization. Gender & Society, 16(3), 303-322.
61. Milkman, R. (1987). Gender at work: The dynamics of job segregation by sex during World War II. Urbana, IL: University of Illinois Press.
62. Moore, G. (1988). Women in elite positions: Insiders or outsiders. Sociological Forum, 3(4), 566-585.
63. Morrison, A., White, R., & Van Velsor, E. (1992). Breaking the glass ceiling: Can women reach the top of America's largest corporations? Reading, MA: Addison-Wesley.
64. Murrell, A., Blake-Beard, S., Porter Jr, D. M., & Perkins-Williamson, A. (2008). Interorganizational formal mentoring: Breaking the concrete ceiling sometimes requires support from the outside. Human Resource Management, 47(2), 275-294.
65. Nesbitt, P. (1997). Feminization of the clergy in America: Occupational and organizational perspectives. New York, NY: Oxford University Press.
66. Pichler, S., Simpson, P. A., & Stroh, L. K. (2008). The glass ceiling in human resources: Exploring the link between women's representation in management and the practices of strategic human resource management and employee involvement. Human Resource Management, 47(3), 463-479.
67. Pierce, J. (1995). Gender trials: Emotional lives in contemporary law firms. Berkeley, CA: University of California Press.
68. Podolny, J. M., & Baron, J. N. (1997). Resources and relationships: Social networks and mobility in the workplace. American Sociological Review, 62(5), 673-693.
69. Powell, G. N., & Butterfield, D. A. (1989). The 'good manager': Did androgyny fare better in the 1980s. Group & Organizational Studies, 14(2), 216-233.
70. Reskin, B. (2000a). The proximate causes of employment discrimination. Contemporary Sociology, 29(2), 319-328.
71. Reskin, B. (2000b). Getting it right: Sex and race inequality in work organizations. Annual Review of Sociology, 26, 707-709.
72. Reskin, B. (2004, March). Women as members of work organizations. Proceedings of the Federal Reserve Bank of Boston, US, pp. 1-18.
73. Richard, O. (2000). Racial diversity, business strategy, and firm performance: A resource-based view. Academy of Management Journal, 43(2), 164-177.
74. Ridgeway, C. L. (1997). Interaction and the conservation of gender inequality: Considering employment. American Sociological Review, 62(2), 218-235.
75. Ridgeway, C. L., Boyle, E. H., Kuipers, K. J., & Robinson, D. T. (1998). How do status beliefs develop? The role of resources and interactional experience. American Sociological Review, 63(3), 331-350.
76. Ryan, M. K., & Haslam, S. A. (2007). The glass cliff: Exploring the dynamic surrounding the appointment of women to precarious leadership positions. Academy of Management Review, 32(2), 549-572.
77. Schein, V. E. (1975). Relationships between sex role stereotypes and requisite management characteristics among female managers. Journal of Applied Psychology, 60(3), 340-344.
78. Schein, V. E., Mueller, R., Lituchy, T., & Liu, J. (1996). Think manager-think male: A global phenomenon? Journal of Organizational Behavior, 17, 33-41.
79. Scott, K. A., & Brown, D. J. (2006). Female first, leader second? Gender bias in the encoding of leadership behavior. Organizational Behavior and Human Decision Processes, 101(2), 230-242.
80. Smith-Lovin, L., & McPherson, J. M. (1993). You are who you know: A network approach to gender. In P. England (Ed.), Theory on gender/Feminism on theory (pp. 223-251). Hawthorne, NY: Aldine.
81. Swan, E. (1994). Managing emotion. In M. Tanton (Ed.), Women in management: A developing presence (pp. 89-109). London, England: Routledge.
82. Tetlock, P. (1992). The impact of accountability on judgment and choice: Toward a social contingency model. In M. P. Zanna (Ed.), Advances in experimental social psychology (pp. 331-376). New York, NY: Academic Press.
83. Unseem, M. (1993). Executive defense: Shareholder power and corporate reorganization. Cambridge, MA: Harvard University Press.
84. Valian, V. (1998). Why so slow? The advancement of women. Cambridge, MA: MIT Press.
85. van Knippenberg, D., De Dreu, C. K. W., & Homan, A. C. (2004). Work group diversity and group performance: An integrative model and research agenda. Journal of Applied Psychology, 89(6), 1008-1022.
86. Ward, P., Orazem, P., & Schmidt, S. (1992). Women in elite pools and elite positions. Social Science Quarterly, 73(1), 31-45.
87. Webber, R. A. (2006). Changes in perception and behavior in mixed gender teams. Human Resource Management, 26(4), 455-467.
88. Welbourne, T. M., Cycyota, C. S., & Ferrante, C. J. (2007). Wall Street reaction to women in IPOs: An examination of gender diversity in top management teams. Group & Organization Management, 32(5), 524-547.
89. Williams, C. (1992). The glass escalator: Hidden advantages for men in the "female" professions. Social Problems, 39(3), 253-267.
90. Wong, S. (2008). Diversity-Making space for everyone at NASA/Goddard Space Flight Center using dialogue to break through barriers. Human Resource Management, 47(2), 389-399.
91. Wright, R. (1996). The occupational masculinity of computing. In C. Cheng (Ed.), Masculinities in organizations (pp. 77-95). Thousand Oaks, CA: Sage.
92. Zajac, E., & Westphal, J. (2004). The social construction of market value: Institutionalization and learning perspectives on stock market reactions. American Sociological Review, 69(3), 433-457.
93. Zorn, D., Dobbin, F., Dierkes, J., & Kwok, M. (2005). Cui bono: Institutional investors, securities analysts, agents and the shareholder value myth. Paper presented at the Conference on New Public and Private Models of Management: Sensemaking and Institutions, sponsored by the Copenhagen Business School, Denmark.
94. Zuckerman, E. W. (1999). The categorical imperative: Securities analysts and the illegitimacy discount. American Journal of Sociology, 104(5), 1398-1438.
95. Zuckerman, E. W. (2000). Focusing the corporate product: Securities analysts and de-diversification. Administrative Science Quarterly, 45(3), 591-619.
96. Zuckerman, E. W. (2004). Structural incoherence and stock market activity. American Sociological Review, 69(3), 405-432.