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The Journal of Organizational Management Studies

https://ibimapublishing.com/articles/JOMS/2020/140454/
Vol. 2020 (2020), Article ID 140454, 14 pages, ISSN : 2166-0816
DOI : 10.5171/2020.140454

Research Article

Can Female CEOS of Multinational

Companies Play A Role in Improving Both
Organizational Practices and Innovation?
Dorota LESZCZYŃSKA1 and Maryline THÉNOT2
1
IDRAC Business School, Sophia Antipolis, Amiens, France

2
NEOMA Business School, F 51100 Reims, France

Correspondence should be addressed to: Dorota LESZCZYŃSKA; [email protected]

Received date: 6 August 2019; Accepted date:23 November 2019; Published date: 25 February2020

Academic Editor: Leonel Matar

Copyright © 2020. Dorota LESZCZYŃSKA and Maryline THÉNOT. Distributed under Creative
Commons Attribution 4.0 International CC-BY 4.0

Abstract

The present research analyses the influence of both characteristics and management
methods of female CEOs on organizational practice and innovation. This qualitative and
comprehensive study looks at 105 female CEOs of big international companies in 2014. The
research results suggest that the characteristics of female CEOs lead to a specific management
style which in turn influences organizational practice, promoting diversity and innovation in
the workplace. The theoretical hypotheses validated by empirical research have enabled the
development of a mathematical model which demonstrates how either the personal
characteristics or professional practices of female CEOs could determine innovation.

Keywords: Top management, innovation, qualitative comprehensive study, mathematical

model

Introduction an interest in this phenomenon,

investigating the identity, characteristics
The topic of women in CEO positions has and achievements of such women. Catalyst
been the subject of longstanding interest (2015) reveals that the number of female
among career academics and it continues to CEOs in large companies began to increase
garner further interest. Indeed, women are in the 2000s, before accelerating until 2014
increasingly being appointed as Chief with the following results: 24 female CEOs
Executive Officer – CEO in global companies in Fortune 500 companies (4.8 percent),
such as General Motors, Yahoo Inc., IBM, and 54 female CEOs in Fortune 1000
and PepsiCo. Fortune magazine has shown companies (5.4 percent). This phenomenon

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Cite this Article as: Dorota LESZCZYŃSKA and Maryline THÉNOT (2020)," Can Female CEOS of
Multinational Companies Play A Role in Improving Both Organizational Practices and Innovation?",The
Journal of Organizational Management Studies, Vol. 2020 (2020), Article ID 140454, DOI: 10.5171/2020.
140454
The Journal of Organizational Management Studies 2
__________________________________________________________________

is sufficiently recent to be qualified as a Nevertheless, existing research has not yet

rupture. Moreover, this phenomenon is also clearly established the role of the
observed in a diverse range of countries characteristics of female CEOs, nor
including the United States, the United developed an understanding of their
Kingdom, Saudi Arabia and India. professional practice with regard to
management styles, work organization and
Some countries are considering, to a greater innovation (Kitchell, 1997; Palvia et al.,
or lesser extent, the implementation of 2015; Glass and Cook, 2017). Thus, a
policies to promote female access to senior current research stream is investigating the
corporate positions. For example, France ways in which female CEOs are changing
has implemented measures (the 2011 Copé- subtle everyday norms and practices within
Zimmermann law) in favor of a balanced the workplace (Fawcett and Pringle 2000;
representation of men and women at the Ingersoll et al, 2017; Soklaridis et al, 2017).
highest levels. Thus, many large companies Van de Ven (1986, p.591) defines
are initiating schemes based on mentoring innovation as "the development and
support to develop social capital and implementation of new ideas by people who
women’s careers. over time engage in transaction with others
within an institutional order." Dezso and
Mohan (2014) highlights the fact that Ross (2008) suggest that the “feminine”
although women on corporate boards have management style, which encourages
been studied by a large pool of literature cooperation, teamwork and creativity, is
(Hillman et al, 2002; Davidson and Burke, highly valued in innovative industries and
2004; Huse and Solberg, 2006; Adams and companies. Should we expect new
Ferreira, 2009; Loukil and Yousfi, 2015, “feminine management” practices to
among others), the impact of female CEOs appear?, not enough evidence is currently
on organizational practices is relatively available to give a comprehensive answer to
under research. However, research has this question. However, examples of the
highlighted bias regarding male and female discourse and representation conveyed by
roles in business, particularly concerning female CEOs with regard to their
the position of CEO (Carli, 2001). Other management roles already exist in the
studies have examined the characteristics of media. Thus, given the theoretical
CEOs (demographic characteristics and contribution of past research, this article
other observable characteristics) which are adopts an overall approach to examine
assumed to influence strategic choices and, specific influential factors in the
thus, company performance and how these management practices implemented by
characteristics are demonstrated by female female CEOs, with the aim of addressing the
leaders (Hambrick, 2007). According to the following question: how do the
upper echelons theory set out by Hambrick characteristics and professional practices of
and Mason (1984), these characteristics female CEOs influence the development of
supposedly influence strategic choices, large international companies, particularly,
which, in turn, determine company their innovative capacities?
performance outcomes. In this field,
Henderson et al. (2006) have demonstrated The theoretical section of this article
that CEO profiles are closely related to presents the existing literature on the
company revenues. In addition to this, CEO characteristics of female CEOs in large
managerial actions are constrained by the organizations, in order to highlight the
environments in which companies operate, specificities of their managerial practices.
such as the industrial context. (Henderson The empirical section presents the findings
et al, 2006). Empirical research (Hurley and of this paper’s analysis of 860 professional
Choudhary, 2016; Wang et al, 2016) has publications pertaining to the individual
shown that the personal attributes of CEOs characteristics of 105 female CEOs, the
(such as age, nationality, level of education, everyday reality of their professional
marital status, number of children, practice, and the practices of the large
management experience, etc.) are organizations which they manage. This
appropriate criteria for measuring critical paper focuses on how the specific
human resources to determine whether a management styles of female CEOs
company will achieve superior outcomes.
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Dorota LESZCZYŃSKA and Maryline THÉNOT (2020), The Journal of Organizational

Management Studies,DOI: 10.5171/2020.140454
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influences their organization’s capacity for relationship between the two sexes has
innovation. From this conceptual model been reversed (Carli, 2001). Consequently,
based on four proposals, a Eagly and Karau (2002, p.574) stress that
"Gender stereotypes thus follow from
mathematical model is developed which observations of people in sex-typical social
demonstrates how the personal roles, especially men’s occupancy of
characteristics and professional practices of breadwinner and higher status roles and
female CEOs can determine innovation. In women’s occupancy of homemaker and
the final section, the theoretical and lower status roles". Because of these
managerial implications of the study are stereotypes, jobs are often “gendered,” such
discussed, together with its limitations and that employers’ orient men towards
avenues for future research. leadership roles and women towards other
positions.
Female CEOs in Large Organizations
Hence, the first proposal is:
Research on the topic of female CEOs has
particularly focused on their personal Proposal 1. The personal characteristics
characteristics, alongside professional of female CEOs influence their
practices in the companies they manage. professional practices

The Personal Characteristics and The professional practices of female

Professional Practices of Female CEOs CEOs and changes in organizational
practices
According to Hambrick (2007), the personal
characteristics of CEOs (age, nationality, Burt (1998) and Leszczyńska and Lesca
highest level of education, marital status, (2014) highlight the fact that the glass-ceiling
number of children, management phenomenon in American companies is
experience…) influence their strategic maintained as much by societal and
choices, which in turn determine the organizational barriers to women as by their
performance of the company. However, lack of access to influential networks. Thus,
research shows that, despite the levels of some authors have investigated the
qualification and experience equivalent to mechanisms, levers and resources that have
those of male CEOs, women are enabled female CEOs to break through the
underrepresented in the governance of glass ceiling (Fitzsimmons et al., 2014; De
organizations, that they tend to occupy Klerk and Verreynne, 2017; Leszczyńska and
functional positions and are less likely to Chandon, 2019). In this domain, the
accede to highly paid positions. In addition, research of Battilana and Dorado (2010)
theoreticians of the role of incongruity have and Tracey et al. (2011) explores the paths
long claimed that stereotypes concerning by which organizations establish or change
leadership positions generate prejudice their main practices. These practices are
against groups which have not traditionally understood as a series of significant
occupied management positions. For activities, produced by wider cultural
example, Schein (1973) proposes that beliefs and reflected in the individual and
stereotypes influence the perception that organizational action (Jarzabkowski, 2004).
women are less qualified than men are for For example, Jarzabkowski et al. (2009)
management positions. Thus, Matsa and underline the personal characteristics such
Miller (2011) highlight how gender as cognitive and symbolic elements used by
discrimination or stereotyping may be individuals in their social interactions to
attributed to the historic absence of women reproduce and change organizational
in top management positions, which, in practices. Thus, some authors (Agrawal and
turn, prevents women from having access to Knoeber, 2001; Leszczyńska and Lesca,
same-sex mentoring. Moreover, women in 2014, 2017; Leszczyńska and Thénot, 2019;
management positions who control the Leszczyńska et al., 2020) show how choices
decisions, salaries and finances of an influenced by the personal and professional
organization tend to be criticized due to the characteristics of CEOs, together with the
perception that the usual hierarchical managerial practices they introduce to their
organization, are essential for companies.
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Dorota LESZCZYŃSKA and Maryline THÉNOT (2020), The Journal of Organizational

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The questions of whether the decisions of (Eagly, 2005). Thus, Glass and Cook (2017)
female CEOs will be approved and carried find that companies with female CEOs are
out by the significant majority of male staff associated with stronger business and
in such organizations, and how to explain equity practices. Dezsö and Ross (2012)
their professional practices could be raised. highlight how female leaders place greater
Here, “practices” refer to the actions emphasis on novelty and innovation
through which managers carry out their compared to men. For example, and in
daily work (Jarzabkowski, 2004). contrast to the above assertion, an
Organizational practice change can, empirical study of CEOs undertaken by
therefore, result in: Adams and Funk (2009) revealed that,
compared to men, female CEOs tend to be
- Modifications in the execution of routines less risk averse, traditional, and conformist.
and practices, Given the advances made in previous
- Changes in occupations within an research, academics are now looking to
organization (De Bruijn and Volman (2000), clarify the role of female CEOs in the
- Changes in internal organizational development of innovation (Soklaridis et al,
processes (Bolton et al, 2011). 2017).

Psychogios (2007) theorizes about female Hence, the third proposal is:
management styles and their potential role
as transformational leaders. This view sees Proposal 3: The professional practices of
an organization as constantly changing, and female CEOs promote innovation
in which the origins of new practices are to
be found in the everyday activities of The Role of Changes in Organization
economic actors. Practices in Innovation
Hence, the second proposal is:
Grin et al. (2018) highlight how
Proposal 2: The professional practices of contemporary companies require novel
female CEOs are conducive to changes in kinds of leadership, which can both
organizational practices stimulate new organizational practices and
changes in practices and structures within
The Role of Female CEOs’ Professional the organization. For example, Brooks
Practices in Generating Innovation (2002) identifies innovative organizational
practices which link labor and community,
The outcomes of existing research are combine conflict tactics with direct service
contradictory regarding the influence of and develop leadership, as well as how
female CEOs’ professional practices on these organizing strategies and changes in
innovation. Firstly, one factor featured in organizational practices contributed to
the literature is the argument that women changes in workplace policies.
seem to be more opposed to risk than men Hence the fourth proposal is:
(Bernasek and Shwiff, 2001; Faccio et al,
2016), as demonstrated, for example, by Proposal 4: Changes induced by female
their investment decisions. In addition, CEOs on organizational practices promote
research has shown that because of such innovation
greater risk aversion, companies run by
female CEOs take fewer risks and have a Methodology
greater chance of survival (Faccio et al,
2016; Palvia et al, 2015). The aim of the present research is to fill an
empirical research gap by investigating how
Secondly, large, medium and small the characteristics and professional
American companies alike led by female practices of female CEOs influence the
CEOs systematically achieve better results development of the large companies they
than those led by men (Vieito, 2012). manage. The theoretical proposals of this
Moreover, research suggests that female qualitative study is concerned with
CEOs exercise a friendlier, more well- conceptual reasoning and are tested using a
meaning approach to organizational study of data pertaining to 105 female CEOs.
objectives and labor relations policies While the number of female CEOs continues
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to increase, researching these senior (transport, commerce, financial services,

executives based on direct observation has property, banking services, etc.) and finally
not been possible, due to their the country in which the company’s head
inaccessibility (Hambrick, 2007). Thus, the office was based (Karami et al, 2006).
present paper draws its data through an
analysis of a broad range of secondary data The characteristics of the female CEOs were
(documentary analysis), including media analyzed, regarding their education and
reports in prominent business publications. professional experience based on standard
Documentary analysis is itself the subject of magazines such as Fortune, Forbes,
increasing interest in academic literature Business Week, and Hoover’s Online. Other
and a respected source of data for available sources such as company
management academics. For example, the websites, business magazines and
leadership studies undertaken by Manner autobiographical works were also used to
(2010) analyze secondary data in order to compile these data. Perceptions of the
compile data on educational and functional professional practices of female CEOs based
experience. Thus, in keeping up with the on face-to-face interviews given to
recommendations set out by Manner journalists, published autobiographies,
(2010), the present empirical research uses personal testimonies and other documents
publicly available data to analyze the published in specialized press were
characteristics and experiences of female analyzed. This provided rich qualitative
CEOs in large companies, along with the data which enabled an exhaustive
practices of these companies. The sample reconstruction of the numerous
used for this research comprised 54 female professional practices of female CEOs,
CEOs of organizations featured among the essential for a thorough analysis with
1000 ranked by Fortune magazine in 2015, regard to the research question. Miles and
together with 51 female CEOs at the head of Huberman’s (2003) prescriptive principle
large non-American companies not was used to code the data and NVIVO
featured in the Fortune 1000 but listed by software to process the qualitative data.
Forbes and/or Fortune as being among the Thus, the initial list of codes developed in
most powerful women in the world. Thus, the conceptual analysis stage was
this research covers the characteristics of a elaborated during the qualitative analysis
sample of 105 women who, in 2014, were stage, presented in Appendix 2.
either CEOs of large companies or occupied
a similar position. The list of these 105 Findings
female CEOs is presented in Appendix 1.
Personal Characteristics and
In keeping up with Manner (2010), the data Professional Practices of Female CEOs
on female CEOs used in the present study
was obtained from business and trade Female CEOs tend to emphasize the
magazines (The Economic Times of India, importance of family life for them, and
USA Today, Forbes, Fortune, Harvard explicitly divulge how they endeavor to find
Business Review, gsb.stanford.edu, The a balance between their personal and
Financial Daily, Bloomberg, firstpost.com, professional duties. They often confirm that
etc.), their education influenced their initial
choice of career as legal expert, historian,
teacher, journalist or diplomat (without
More precisely, 860 documents covering
foreseeing a career as CEO). A quarter of
the period between November 2008 and
them (25.7 percent) acknowledge support
December 2015 were studied. Interviews
received from mentors who recognized
were also analyzed, and it was observed
their high potential and stress the
that newspaper articles would often state
importance of such support (but without
opinions and perceptions concerning
considering lack of a mentor as an obstacle).
women in senior management positions.
As found by Carli (2001), 22 percent of the
The following company characteristics
female CEOs studied have at some point
were studied: the industrial sector (e.g.
been the subjects of controversy provoked
finance, energy, etc.); the type of industry
by their opponents and dissatisfied active
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investors. These critics question their skills, while reinforcing that it has talented
their career, their management style, their executives that will be developed and
lack of experience, their overlong tenure as moved through the ranks," Mary Barra, CEO
CEO, their excessive salary, their inability to of General Motors, stated in an interview
take risks, etc. published by USA Today (December 11,
2013). MaryAnne Gilmartin, CEO of Forest
When female CEOs are appointed, they face City Ratner, adds, "We’re not dumb in
different institutional contexts: manufacturing; we need a lot more
flexibility than you’re allowing us to have.
- On becoming the first female CEO in their And we now have more than a few women
company’s history and becoming the only plant managers and Hispanic plant
woman on the board of directors, they alter managers" (womenincre.uli.org, December
their company’s culture and management 5, 2014). This point of view is more
practices. For example, in India, particularly supported by a number of
firstpost.com announced, about Arundhati female CEOs who have children. These
Bhattacharya, CEO of State Bank of India, include Marissa Mayer, CEO of Yahoo
"She has a collaborative leadership style, (timesofindia.indiatimes.com, December
which will help her in dealing with trade 10, 2015): "The Company has offered
unions, which the former chairman faced flexible options to new mothers, and we are
problems with" (October 9, 2013). interested in offering more flexible options
to fathers. The company offers a relatively
- Female CEOs work in industries dominated generous package for new parents,
by men, and in which they are gradually including allowing new moms who give
able to introduce new practices to promote birth as many as 16 weeks of paid leave."
diversity within the company. For example,
Mindy Grossman, CEO of HSN, states in an The actions of female CEOs aiming to
interview given to gsb.stanford.edu (June 5, change practices also extend to the
2014): "Now I have frequent breakfasts and company environment. For example,
lunches with employees. I learn more from Rosalind Brewer, CEO of Sam's Club: “leans
those than from reading any report." on suppliers to include more women and
minorities in top positions"
(bizjournals.com, December 16, 2015).
- Female CEOs have encountered an Denise Morrison, CEO of Campbell, states
egalitarian culture in their company and
(linkedin.com, October 13, 2014): "The path
recognition of the importance of diversity,
to diversity begins with supporting,
and in turn promote such practices in their
mentoring, and sponsoring diverse women
professional environment. "Before any
and men to become leaders and
decision, I make it a rule to discuss it with
entrepreneurs. For instance, we’ve
my staff, so that people take responsibility
established distinct business resource
for it" stresses Linda Jackson, CEO of
affinity networks for our women, Hispanic,
Citroën, in an interview granted to capital.fr
African American and Asian employees.
(October 6, 2015).
Externally, we are partnering with or
sponsoring non-profit organizations like
This results support proposal 1, that the
the National Society of Hispanic MBAs."
personal characteristics of female CEOs
influence their professional practices.
These findings support proposal 2, which
states that the professional practices of
The professional practices of female
female CEOs are conductive to changes in
CEOs and changes in organizational
organizational practices.
practices
Promotion of Innovation by Female CEOs
Several changes made to practices in their
institutions are observed, as expressed by
Savarese (CEO of Cape Cod Five Cents
female CEOs themselves. "These changes
Savings Bank) said that industry needs
will enable GM to institutionalize the
"female CEO’s creativity and collaborative
culture and management-approach changes
approach and innovation and insights. We
implemented over the past several years,
have got to develop our human talent, and if
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we ignore half of that, we're not going to be Female CEOs have been shown to
competitive." (Connecticut Women in demonstrate innovation-favorable actions
Banking conference, April 2015). In this in their companies. “Today, General Motors
context, Linda Jackson, CEO of Citroën, fosters a bold new culture, one which
stresses: "We want to be more creative, promotes innovation and encourages risk
affordable and offer things that really taking” states Mary Barra, CEO of General
matter to mainstream customers, we want Motors in an interview with The Financial
to be innovative in design – we’ve been good Daily (January 14, 2014). Similarly, Marla
at that in the past and new models" Kaplowitz (CEO of MEC North America)
(autoexpress.uk, May 9, 2014). stresses, in an interview published by
bloomberg.com, (November 16, 2015): "We
In addition, female CEOs of large companies focus on building a strong and collaborative
are personally committed to innovation. For culture where people thrive and ideas
example, Marissa Mayer, CEO of Yahoo, is flourish.” "In order to continually fill the
famous for innovation “Ms. Mayer served in innovation funnel, Denise M. Morrison (CEO
numerous positions, including engineer, of Campbell Soup Company) has
designer, product manager and executive, implemented an entirely new innovation
and launched more than 100 well-known process at Campbell North America. Its
features and products. Products have to be breakthrough innovation teams comprise: a
created in a way that is ‘frictionless and marketer, a consumer-insights expert, a
beautiful’ (Wall Street Journal, December 3, packaging engineer, a product development
2012). expert and a chef"
(campbellsoupcompany.com, April 30,
Cathy Engelbert, CEO of Deloitte LLP, "plans 2014). "So, I thought we had to rethink our
to focus on innovation, both in terms of innovation process and design experiences
people and new technology, in her tenure. for our consumers—from conception to
She wants to be remembered as a CEO who what’s on the shelf" adds Indra Nooyi, CEO
fostered an innovative culture, where of PepsiCo (Harvard Business Review,
people can grow and develop. And nothing, September 2015). For example, to satisfy
she noted, makes her as proud as when a the needs of their companies and develop
mentee gets promoted" (bizjournals.com, new action plans, female CEOs have led
Mar 27, 2015). Meanwhile, Helena Foulkes, actions resulting in successful digitalization,
CEO of CVS "is credited with leading brand reinvention, international growth,
innovations such as groundbreaking promotion of social responsibility, new
pharmacy healthcare programs, such as managerial orientations to support female
Maintenance Choice and Pharmacy Advisor, staff within their company, and other
as well as ExtraCare, the largest retail innovative procedures.
loyalty program in the country with more
than 70 million active cardholders" These findings support proposal 4, which
(www.cvshealth.com). "We launched our states that the changes induced by CEO
Innovation Station more than two years ago women in organizational practices
to help us transform the way we deliver on promote innovation.
innovation and new technology,” explains
Margaret Keane, CEO of Synchrony Formal Mathematical Model

Financial (www.forbes.com, May 10, 2015). Appendix 2 shows the different items
defining both personal characteristics and
These findings support proposal 3, which professional practices of female CEOs and
states that the professional practices of the changes induced by female CEOs in
female CEOs promote innovation. organizational practices. So personal
characteristics of female CEOs (Pc), their
Female CEO-led changes in professional practices (Pp) and the changes
organizational practices and innovation they induce (Op) are represented
respectively by the following vector:

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Pc = ( Pc1, Pc2 , Pc3 , Pc4 , Pc5 , Pc6 ) ,

Wherein Pc1 and Pc3 are respectively ‘Age’ and ‘Number of Children’, and
Pc2 , Pc4 , Pc5 and Pc6 are numerical variables associated, respectively, with ‘Marital Status’,
‘Nationality’, ‘Level of Education’ and ‘Management Experience’.

Pp = ( Pp1 , Pp2 , Pp3 , Pp4 , Pp5 , Pp6 , Pp7 , Pp8 , Pp9 , Pp10 ) ,

Pp1, Pp2 , Pp3 , Pp4 , Pp5 , Pp6 , Pp7 , Pp8 , Pp9 and Pp10 are
numerical variables, respectively,
representing ‘Career Aspirations’, ‘Understanding of Self-Confidence’, ‘Management Style’,
‘Value placed on Work’, ‘Symbolic Influence’, ‘Organizing Strategies’, ‘General Interest
Activities’, ‘Support for Innovation’, ‘Attitude towards Risk’ and ‘Prestige’.

Op = (Op1,Op2 ,Op3 ,Op4 ,Op5 ) ,

Op1,Op2 ,Op3 ,Op4 andOp5 are numerical variables respectively, expressing, ‘Criticism and
Controversy’, ‘Changes to the Performance of Routines and Practices’, ‘Changes in Internal
Processes’, ‘Gender Stereotypes’ and ‘Mentoring’.

Proposal 1 implies that Pp depends on Pc so there exists a vectorial function F such that

Pp = F(Pc), (1)
Proposal 2 implies that Pp has a positive effect on Op so there exists an increasing vectorial
function F1 such that

Op = F1 (Pp), (2)

The degree of global innovation is measured by a scalar variable I, proposals 3 and 4 state that
Op and Pp are favorable to innovation, so there exists a vectorial increasing function F2 such
that

I = F2 (Pp, Op), (3)

Combining (2) and (3), we can see that there exists a direct increasing function F3 which
expresses I in terms of only Pp

I = F2 (Pp, F1 (Pp)) = F3 (Pp), (4)

Combining (4) and (1), we see that there exists a function F4 which shows that innovation can
be determined by Pc alone

I = F3 (F(Pc)) =F4 (Pc) . (5)

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Discussion and Conclusion analyzing empirical data on the individual

characteristics of the rarely studied
This research contributes to the current population of female CEOs in international
research stream on female CEOs by groups and their specific management
styles. Secondly, the present results shed
new light on the influence of feminine female CEOs are likely to represent
management styles on the implementation strengths in the transformational
of new organizational practices promoting development of their company. For
diversity and innovation. Eagly’s (2005) example, Ursula Burns, CEO of Xerox
work established that when CEOs lack (interview with “The Economic Times of
experience in their position, they India”, 30 August 2013), explains that the
implement new management practices greatest challenges for female CEOs are
which enable them to act as senior those of taking the right decisions for their
managers in line with their personal company and helping to transform a culture
convictions. Thus, in keeping with the that could either be that of the company or
findings of Glass and Cook (2017), the of the individual. Indeed, Xerox is a pioneer
procedures implemented by female CEOs in the development of policies promoting
which promote diversity, to gain cognitive, social diversity and inclusion through work.
moral and pragmatic legitimacy, are used But they cannot achieve this alone, they
with the aim of changing the culture and need the active support of men who believe
everyday practices of their organization in their skills and potential, together with
both substantially and sustainably. that of women leaders acting both as
“models” and mentors. This survey may
Subsequently, this situation can lead to a indicate that women who become Fortune
better understanding and a more diverse 500 CEOs are more innovative, but this may
expression of market/product strategies, be the same for CEOs, generally. For this
thus promoting innovation and fostering reason, we need to prepare future leaders
better decision-making. By confirming that with support from elder male and female
female CEOs do tend to foster practices leaders and mentors, and access to different
which promote innovation, as foreseen by socialization networks, as well as through
the gender difference perspective (Adams appropriate internal and external training.
and Funk, 2009), the results of this study The success of such preparation is very
show that they seem capable of making important in that these findings show that
significant contributions, especially in the female CEOs’ management styles are likely
field of diversity. to generate new organizational practices
advocating diversity, flexibility, and the
This research develops this stream by development of a strong, collaborative
showing that the traits of female CEOs are corporate culture. The impact of these
linked to the choices made by their organizational practices is important, as
companies. The managerial implications they extend to the company environment
of this research include the importance of (suppliers, clients, associations, etc.).
fostering and developing certain personal
characteristics in current and future female This research is not without limitations.
CEOs. This argument is supported by the Evidently, it was constrained by the very
main result of the mathematical model, low number of female CEOs in very large
showing that the personal characteristics companies, and by their inaccessibility in
and/or professional practices of female terms of collecting first-hand data. It
CEOs can alone determine innovation must be acknowledged that, whereas the
(equation (5)). Female CEOs themselves data gathered from media outlets did report
highlight both the existence of face-to-face interviews, this is not the same
discrimination in several higher education as if the interviews had been carried out
disciplines and in companies, and the fact firsthand for the specific purposes of the
that women are excluded from study. Therefore, the analysis covers 860
management in some sectors of industry. public testimonies and perceptions
Thus, the characteristics and practices of published by female CEOs or specialized

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The Journal of Organizational Management Studies 10
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press: the verbatim and interview reports ‘Women in the boardroom and their
are, thus, subject to many types of bias. The impact on governance and
results are also limited by the absence of performance’, Journal of Financial
comparison between male and female CEOs. Economics, Vol. 94, pp. 291–309.
Moreover, the sample comprises only data • Adams, R. B. and Funk, P. (2009).
pertaining to female CEOs of very large ‘Beyond the glass ceiling: Does gender
companies. matter?’ Management Science, Vol. 58
N° 2, pp. 219–235.
However, the increasing numbers of female • Agrawal, A. and Knoeber, C.R. (2001),
CEOs observed in recent years make new ‘Do some outside directors play a
research streams highly relevant. Ibarra political role?’ Journal of Law and
(1992) and Cardador and Hill (2016) Economics, Vol. 44, pp. 179–198.
emphasize that gender in companies in the • Battilana, J. and Dorado, S. (2010)
United States is a fundamental ‘Building Sustainable Hybrid
characteristic because it influences the Organizations: The Case of Commercial
trajectory of the actors and, thus, Microfinance Organizations’, Academy
determines the positioning of individuals in of Management Journal, Vol. 53 N°6,
institutional and organizational systems. pp.1419-1440.
Thus, a clearer understanding of the factors • Bernasek, A. and Shwiff, S. (2001),
that may influence the career trajectory of ‘Gender, risk, and retirement’, Journal of
CEOs is an important field of research (Cook Economic Issues, Vol. 35 No. 2, pp. 345–
and Glass, 2014; Khuruna, 2001). 356.
Future research aimed at comparing the • Bolton, S., Chung Hee, K.R. and
trajectories of male and female CEOs could O’Gorman, K.D. (2011). ‘Corporate
distinguish between three trajectories: Social Responsibility as a Dynamic
Internal Organizational Process: A Case
- Internal promotion path: ascending the Study’, Journal of Business Ethics, Vol.
echelons in the company in which one is 101, pp. 61-74.
appointed CEO. • Brooks, F. (2002). ‘Innovative
- External trajectory (appointment to the Organizing Practices’, Journal of
position of CEO of a company in which one Community Practice, Vol. 9, pp. 65-85.
has never worked before). • Burt, R. (1998), ‘The Gender of Social
- Mixed trajectory with a preliminary step as Capital’, Rationality and Society, Vol. 10
a member of the board of directors of the No.1, pp. 5-46.
company to which one is appointed CEO. • Catalyst. (2015), Women CEOs of the
S&P 500, New York, November 18.
Another aim of future research would be to
• Cardador, M. and Hill, L.P. (2016).
identify profiles of female CEOs according to
‘Career Paths in Engineering Firms:
their career progression. Future research
Gendered Patterns and Implications’,
could explore the management
Journal of Career Assessment, Vol. 26.
characteristics of smaller companies,
10.1177/1069072716679987.
because this could help SMEs improve their
• Carli, L. (2001), ‘Gender and social
performance, particularly, with regard to
influence’, Journal of Social Issues, Vol.
innovation. An interesting avenue for future
57, pp. 725–741.
research would be to investigate whether
• Cook, A. and Glass, C. (2014). ‘Above the
the findings of this study would be
glass ceiling: when are women and
reproduced in other national contexts.
racial/ethnic minorities promoted to
Future studies could also compare the
CEO?’ Strategic Management Journal,
career trajectories of male and female CEOs,
Vol. 35, pp. 1080-1089.
focusing on the potential influence this can
have on corporate innovation capacity. • Davidson, M. and Burke, R. (2004). ‘Les
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(2011), ‘Bridging Institutional du Canada) 23. Delly, Gayla (Benchmark

Entrepreneurship and the Creation of Electronics) 24. Denahan,Wellington J.
New Organizational Forms: A (Annaly Capital Management) 25. Dillon,
Multilevel Model’, Organization Science, Mary (Ulta Salon Cosmetics & Fragrance)
Vol. 22, N° 1, pp.60-80. 26. Doughtie, Lynne (KPMG U.S.) 27.
• Tuliao, K. and Chen, C. (2017). ‘CEO Dressel, Melanie (Columbia Banking
duality and bribery: the roles of gender System) 28. Engelbert, Cathy (Deloitte
and national culture’, Management LLP) 29. Ernotte, Delphine (France
Decision, Vol. 55 No. 1, pp. 218-231. Télévisions) 30. Foulkes, Helena
• Van de Ven, A.H. (1986), ‘Central (CVS/pharmacy) 31. Fraser, Jane
Problems in the Management of (Citigroup Latin America) 32. Garfield,
Innovation’, Management Science, Vol. Olivia (Severn Trent) 33. Gilmartin,
32 No. 5, pp. 590-607. MaryAnne (Forest City Ratner Cos) 34.
• Vieito, J.P. (2012), ‘Gender, Top Good, Lynn J. (Duke Energy) 35. Gordon,
Management Compensation Gap, and Ilene, (Ingredion) 36. Greene, Moya
Company Performance: Tournament (Royal Mail, Britain) 37. Grossman,
versus Behavioral Theory’, Corporate Mindy F. (’HSN) 38. Hart, Patti S
Governance: An International Review, (International Game Technology) 39.
Vol. 20 No. 1, pp. 46–63. Harris, Kimberly (Puget Sound Energy)
• Wang, G., Holmes Jr., R.M., Oh, I-S. and 40. Hewson, Marillyn A (Lockheed
Zhu, W. (2016). ‘Do CEOs matter to firm Martin) 41. Hinman, Jacqueline (CH2M
strategic actions and firm Hill) 42. Hook, Lisa A (Neustar) 43.
performance? A meta-analytic Jackson, Linda (Citroën) 44. Johnson,
investigation based on upper echelons Abigail (Fidelity Investments) 45.
theory’, Personnel Psychology, Vol. 69, Kampling, Patricia, (Alliant Energy) 46.
pp. 775-862. Keane, Margaret (Synchrony Financial)
47. Kaplowitz, Marla (MEC North
America) 48. Katz, Karen W. (Neiman
Appendices
Marcus Group) 49. Kelly, Gail (Westpac
Group Australia) 50. Kindler, Lizanne
Appendix 1: List of the 105 female CEOs (Talbots) 51. Kochhar, Chanda (ICICI
studied in this research Bank India) 52. Krill, Kay (Ann) 53.
Kullman Ellen J. (DuPont) 54. Lau,
1. Ahrendts, Angela (Burberry) 2. Alber, Constance H. (Hawaiian Electric
Laura J. (Williams-Sonoma) 3. Al- Industries) 55. Loebsack, Grita (Kering
Suhaimi, Sarah (Riyadh National Luxury - Couture & Leather Goods'
Commercial Bank) 4. Ayers, Andrea Emerging Brands) 56. Lubel (Bowers)
(Convergys) 5. Azeri, Gülsüm (Petrol Kimberly (CST Brands) 57. Lundgren,
Ofisi) 6. Barra, Mary (General Motors) 7. Tamara L. (Schnitzer Steel Industries)
Bellettini, Francesca (Yves Saint 58. Martin, Lauralee E. (HCP) 59.
Laurent) 8. Bhattacharya, Arundhati Martore, Gracia C. (TEGNA) 60. Mayer,
(State Bank of India) 9. Bresch, Heather Marissa (Yahoo)
(Mylan) 10. Brewer, Rosalind G. (Sam's
Club) 11. Botín Ana (Banco Santander) 61. Mazzarella, Kathleen M. (Graybar
12. Bridgeland, Sally (BP Pension Electric) 62. McCall, Carolyn (Easy Jet)
Trustees) 13. Bufano, Kathryn (Bon-Ton 63. McCoy Sherilyn (Avon Products) 64.
Stores) 14. Burns, Ursula M (Xerox) 15. McReynolds, Judy (Arkansas Best) 65.
Cafaro, Debra A. (Ventas) 16. Callahan Meyrowitz, Carol (The TJX Companies)
Erdoes, Mary (JPMorgan Asset 66. Miles, Amy (Regal Entertainment) 67.
Management) 17. Cameron, Susan M. Mooney, Beth E. (Keycorp) 68. Morrison
(Reynolds American) 18. Catz, Safra A. Denise M. (Campbell Soup) 69. Mulligan,
(Oracle) 19. Chiquet, Maureen (Chanel) Deanna M. (Guardian Life Ins. Co. of
20. Cochran, Sandra (Cracker Barrel) 21. America) 70. Nicholson, Pam, (Enterprise
Cooper, Alison (Imperial Tobacco) 22. Holdings) 71. Nooyi, Indra (PepsiCo) 72.
Courville, Isabelle (Banque Laurentienne Novakovic, Phebe N. (General Dynamics)

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73. Olshan, Andrea, (Olshan Properties) Brands) 90. Sock Koong, Chua (Singapore
74. Palmer, Sheryl (Taylor Morrison Telecommunications) 91. Story, Susan N.
Home) 75. Peng, Lucy (Alibaba Small & (American Water Works Company) 92.
Micro Financial Services Group) 76. Price Su, Lisa (Advanced Micro Devices) 93.
John, Sharon (Build-A-Bear Workshop) Sullivan, Diane M. (Brown Shoe) 94.
77. Pleshakova, Olga (Transaero) 78. Tighe, Mary Ann (CBRE) 95. Taylor, Cindy
Ramos, Denise, (ITT) 79. Reed, Debra L. B., (Oil States International) 96. Turney,
(Sempra Energy) 80. Rentler, Barbara Sharen Jester (Victoria’s Secret) 97.
(Ross Stores) 81. Rometty, Virginia M Vasudeva, Nishi (Hindustan Petroleum)
(IBM) 82. Rosenfeld, Irene (Mondelez 98. Via, LuAnn (Christopher & Banks) 99.
International) 83. Savarese Dorothy Wang, Vera (Bridal House) 100.
(Cape Cod Five Cents Savings Bank) 84. Whitman, Meg (Hewlett-Packard) 101.
Schroeder, Patricia (Association of Wilderotter, Mary Agnes (Frontier
American Publishers) 85. Sen, Laura (BJ's Communications) 102. Woertz, Patricia
Wholesale Club) 86. Seon-Joo Kwon A. (Archer Daniels Midland) 103.
(Industrial Bank of Korea) 87. Sharma, Wojcicki, Susan (YouTube) 104. Yastine,
Shikha (Axis Bank) 88. Shimpo, Chie Barbara (’Ally Bank) 105. Yellen, Janet
(Nomura) 89. Smith, Elizabeth (Bloomin' (Fed)

Appendix 2: Series of NVIVO

Code Characteristics Sources References

1 Organizational context
101 Country of Company Head Office (Tuliao and Chen, 2017) 105 105
102 Activity Sector (Karami et al, 2006) 105 105
103 Type of Industry (Karami et al, 2006) 105 105
2 Organizational practices
201 Criticism and Controversy (Carli, 2001) 23 72
202 Execution of Routines and Practices (Feldman, 2003) 28 42
203 Changes in Internal Organizational Processes (Bolton et al, 28 48
2011)
204 Gender Stereotype (Schein, 1973; Eagly and Karau, 2002; De 20 39
Bruijn and Volman, 2000; Matsa and Miller, 2011)
205 Mentoring (Matsa and Miller, 2011) 27 44
3 CEO personal characteristics
301 Year of Birth (Hambrick and Mason, 1984) 105 105
302 Marital Status (Hurley and Choudhary, 2016) 80 85
303 Number of Children (Hurley and Choudhary, 2016) 67 67
304 Nationality (Hambrick, 2007; Tuliao and Chen, 2017) 105 105
305 Level of Education (Hambrick and Mason, 1984) 101 101
306 Management experience (Manner, 2010) 87 139
4 CEO professional practices
401 Career Aspirations (Carli, 2001) 46 73
402 Understanding of Self-Confidence (Faccio et al, 2016) 31 53
403 Management Style (Dezso and Ross, 2008) 47 113
404 Value Placed on Work (Carli, 2001) 26 43
405 Symbolic Influence (Jarzabkowski et al, 2009) 34 56
406 Organizing Strategies (Brooks, 2002) 59 100
407 General Interest Activities (Jarzabkowski, 2004) 48 71
408 Support for Innovation (Glass and Cook, 2017) 45 60
409 Attitude Towards Risk (Faccio et al, 2016) 30 35
410 Prestige (Galema et al, 2012) 66 100

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Dorota LESZCZYŃSKA and Maryline THÉNOT (2020), The Journal of Organizational

Management Studies,DOI: 10.5171/2020.140454