When do women reach the top spot? A multilevel study of female CEOs in emerging markets

Purpose: The purpose of this paper is to link country factors which impact the selection of women as CEOs of firms in emerging markets. Design/methodology/approach: Using a multilevel model, this study investigates the factors driving the selection of a woman as CEO using a sample of 30,015 firms from 20 emerging markets during the years 2008 to 2016. Findings: Based on analysis of nested multilevel logistic models, study findings indicate that country wealth, gender egalitarianism and humane orientation increase the likelihood that a firm would be led by a female CEO. Findings also indicate a greater opportunity for women to secure the top role in service industries relative to manufacturing industries. Originality/value: In spite of the magnitude of emerging markets and their varied social, economic and cultural contexts, there is scant research focusing on female CEOs in these countries. This topic is of considerable importance to gender empowerment, equity, fairness and social welfare and this paper contributes to the knowledge in this area by incorporating a multilevel model focusing on the factors driving the choice of female CEOs. Study findings serve as an important starting point on the opportunity for managerial women from emerging nations.