Beyond the Glass Ceiling: Does Gender Matter?
基于董事调查数据，发现女性与男性董事在核心价值观和风险态度上存在系统性差异，但不同于普通人群中的性别差异，女性董事更爱冒险，这挑战了女性更风险规避的刻板印象。
A large literature documents that women are different from men in their choices and preferences, but little is known about gender differences in the boardroom. If women must be like men to break the glass ceiling, we might expect gender differences to disappear among directors. Using a large survey of directors, we show that female and male directors differ systematically in their core values and risk attitudes, but in ways that differ from gender differences in the general population. These results are robust to controlling for differences in observable characteristics. Consistent with findings for the population, female directors are more benevolent and universally concerned but less power oriented than male directors. However, in contrast to findings for the population, they are less tradition and security oriented than their male counterparts. They are also more risk loving than male directors. Thus, having a woman on the board need not lead to more risk-averse decision making. This paper was accepted by Brad Barber, Teck Ho, and Terrance Odean, special issue editors.