Download the Poster (1.9 MB)


Women make up 47.0% of the labor force and 50.8% of the United States population, but only 40% of managers, as of 2019. In recent years, more and more women are taking on leadership positions, provoking widespread speculation and debate on the impact a female CEO would have on the financial success of a firm. The data is hand collected from various sources, including LinkedIn, Bloomberg Profiles, and Yahoo Finance; compiled into one dataset from 1978 to 2021. Companies included are different Fortune 500, Fortune 1000, and S&P 500 companies transitioning from a male CEO to a female CEO. This paper will investigate and evaluate the impact of a female in the chief executive officer position on the financial performance of a firm. Additionally, I examine the impact of the change in leadership on specific industry sectors. We hypothesize that if there is a female CEO, the stock returns of the firm will increase.

Publication Date



female leadership, board of directors, CEO, stock returns, financial performance

Does Female Leadership Impact Firm Financial Performance?