Wang, Jun (2025) Investor reactions to gender pay information and CEO gender. Accounting Forum. ISSN 0155-9982 (Print), 1467-6303 (Online) (In Press) (doi:10.1080/01559982.2025.2496560)

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Abstract

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.

Item Type:	Article
Uncontrolled Keywords:	CEO gender, gender pay gap, investor judgments
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management H Social Sciences > HF Commerce > HF5601 Accounting
Faculty / School / Research Centre / Research Group:	Greenwich Business School Greenwich Business School > Political Economy, Governance, Finance and Accountability (PEGFA) Journal of Economic Literature Classification > Political Economy, Governance, Finance and Accountability (PEGFA) Greenwich Business School > School of Accounting, Finance and Economics
Last Modified:	06 May 2025 10:39
URI:	http://gala.gre.ac.uk/id/eprint/50312

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