Women in leadership: An analysis of the gender pay gap in ASX-listed firms

Hutchinson, Marion, Mack, Janet, & Verhoeven, Peter (2015) Women in leadership: An analysis of the gender pay gap in ASX-listed firms. Accounting and Finance. (In Press)

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This study provides evidence that after several decades of fighting for equal pay for equal work, an unexplained gender pay gap remains amongst senior executives in ASX-listed firms. After controlling for a large suite of personal, occupational and firm observables, we find female senior executives receive, on average, 22.58 percent less in base salary for the period 2002–2013. When executives are awarded performance-based pay, females receive on average 16.47 percent less in cash bonus and 18.21 percent less in long-term incentives than males. The results are robust to using firm fixed effects and propensity-score matching. Blinder–Oaxaca decomposition results show that the mean pay gap cannot be attributed to gender differences in attributes, including job titles. Instead, the results point to differences in returns on firm-specific variables, in particular firm risk.

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ID Code: 91159
Item Type: Journal Article
Refereed: Yes
Keywords: Executive remuneration, Gender, Pay gap, Performance-based pay
DOI: 10.1111/acfi.12178
ISSN: 1467-629X
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Current > Schools > School of Economics & Finance
Copyright Owner: Copyright 2015 AFAANZ
Deposited On: 13 Dec 2015 03:08
Last Modified: 14 Dec 2015 04:08

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