Graduation Year


Date of Submission


Document Type

Open Access Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Heather Antecol

Rights Information

2018 Krystal D Sung

OCLC Record Number



In order to assess the continuing imbalance of top executives between genders, I examine the effects of gender diversity within top management teams on firm risk, performance, and executive compensation. Capitalizing on previous analysis, I apply three unique differentiators. First, I utilize current data from 2012 to 2017 from Compustat, CRSP, and ExecuComp. Second, I provide a unique subset view on a firm and individual performance of female CEOs to examine executive compensation. Third, my scope of analysis expands to S&P Composite 1500 companies. I use separate models to estimate the effect of gender diversity on firm risk by examining a firm’s beta and standard deviation of daily returns, on firm performance by examining a firm’s Tobin’sQ, and lastly on executive compensation by examining an executive’s natural logarithm of total compensation. My findings suggest gender diversity among executives appears to have an immaterial effect on a firm’s risk and performance. In turn, I also find that female executives continue to receive less compensation than their male colleagues. However, I find an average female CEO receives a higher level of compensation than an average male CEO. Lastly, I find as gender diversity increases among executives, specifically CEOs, the compensation differences between genders decreases.