Join this CIRCLE seminar!

Guest speaker

Grazia Santangelo, Professor of Strategic and International Management, Copenhagen Business School.

Speaks about "Investor response to the appointment of female CEOs – An international stakeholder perspective". 

Astract

We examine firm international operations as a moderator of stock market reactions to female CEO appointments using data on 421 S&P 1500 firms.

We draw on research at the intersection of institutional theory and strategy to theorize that firms with larger operations in masculine-oriented countries face a negative market reaction to female CEO appointments. This is because the negative legitimacy judgment of stakeholders in these countries influences investor reaction.

We also argue that these firms are less penalized by the market when they integrate the CEO appointment decision with high proactiveness toward diversity in the workplace than when they compensate this decision with low proactiveness.

The proposed explanation is that stakeholders and investors value internal consistency over conformity because it makes firms credible and predictable.

Who can join the seminar

The seminar is open to all CIRCLE members and affiliates as well as others interested in the topic. Contact Magnus Nilsson if you are interested in joining the seminar.