Re‐examining the Glass Cliff Hypothesis using Survival Analysis: The Case of Female CEO Tenure
研究1992-2014年193位北美女性CEO的任命与任期，发现女性多在危机时上任，但离职风险比男性低40%，与玻璃悬崖假说矛盾，可能与公司避免负面宣传有关。
Abstract We use the glass cliff to study the appointment and employment duration of 193 female CEOs between 1992 and 2014 in a sample of large, small and mid‐size North American firms. Consistent with the glass cliff, we find that women are appointed as CEOs in precarious situations. However, we find female CEOs are 40% less likely to face turnover at any point after appointment than male CEOs. This conflicts with an implication of the glass cliff and differs significantly from existing research which shows that female CEOs have only a slightly lower risk of turnover than male CEOs. Our larger, more recent sample captures changes in the labour market that explain the departure from the results of earlier studies. We find evidence that the lower turnover rate of female CEOs is related to firms’ desire to avoid the negative publicity that would accompany their termination, and we also show that greater education has a positive impact on CEO job security.