Too few females in the cockpit: Does ownership structure matter?

This study investigates how different ownership structures—state, private, and female-owned firms—influence the presence of women in executive positions across various national contexts. Using a multi-country dataset of 70,155 firm-year observations from 113 countries across six regions (Africa, East Asia and Pacific, Eastern Europe and Central Asia, Latin America and the Caribbean, Middle East and North Africa, and South Asia) between 2008 and 2019, we test our hypotheses with probit models and robust standard errors. Our findings suggest that a combination of state, foreign, and female ownership increases the likelihood of women in top management. We also identify an investor self-selection bias favoring larger, male-managed firms. This study highlights the impact of state ownership on female management representation and calls for targeted government investments to address gender disparities in corporate leadership.