Cross-country examination of speed of advancement and exit of male and female executive directors

Abstract

In the context of intense global stakeholder pressures to improve female representation in the executive suite, we examine the speed of advancement and exit of first time executive directors around the world. We make two inter-related arguments. First, we argue that while normative pressures from global stakeholders have created a gender premium for women in the form of lower age at the time of appointment vis-à-vis male executive directors, appointed women are also penalized in the form of quicker exits from these positions because of their lower age. Second, we contend that this gender premium and penalty is contingent on the local gender norms in a society such that lower gender parity leads to a higher premium and penalty for these women. Results based on a sample of 15,202 first time executive directors from 6,452 firms in 33 countries largely support our theoretical predictions.