Investor reactions to gender pay information and CEO gender
研究了英国性别薪酬差距报告背景下，非专业投资者如何根据性别薪酬信息和CEO性别共同影响投资意愿，发现男性CEO时薪酬信息影响更大，且企业声誉感知起中介作用。
This research examines the implications of gender pay gap reporting in the UK, with a specific focus on investigating responses from a crucial group of individuals affected by wage disparities: nonprofessional investors. This study explores the joint effect of gender pay information and CEO gender on investor judgments. A significant number of UK organisations have disclosed gender pay gaps that favour men, raising societal concerns and prompting government reforms aimed at addressing these disparities. Against the backdrop of UK-mandated gender pay gap reporting, this study employs a 2 × 2 between-subjects experimental design to investigate investor reactions to gender pay information and the gender of the company’s CEO. The research findings indicate that for nonprofessional investors, gender pay information and CEO gender interact to influence their investment willingness. Specifically, the influence of gender pay information on investment willingness is more pronounced when the company is led by a male CEO compared with a female CEO. Moreover, the joint effect of gender pay information and CEO gender on investment willingness is mediated by investor perceptions of corporate reputation. Overall, the findings in this research indicate that female leaders do not receive similar rewards and recognition for promoting gender pay equality as male leaders. This study contributes to our understanding of gender pay information and enriches the literature on investor reactions to gender differences in corporate leadership.