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Male CEOs viewed positively for assertive activism stances, study reveals

"I think one of the most eye-opening aspects of the study was that both male and female leaders were evaluated negatively when their behavior deviated from investors' gender-based expectations," said Kristina M. Rennekamp, professor of accounting in the Samuel Curtis Johnson Graduate School of Management, part of the Cornell SC Johnson College of Business.

"This suggests that investors' evaluations weren't based on whether they believed that cooperating or not was the overall right approach to activists, but rather the perceived 'right approach' varied based on the gender of the firm's leader."

Rennekamp is co-author of "CEO Gender and Responses to Shareholder Activism," published June 11 in Contemporary Accounting Research, which used experiments and interviews to uncover attitudes about CEO gender, responses to activism and investor behavior. Co-authors include Blake A. Steenhoven, Ph.D. '21, assistant professor at the Smith School of Business at Queen's University; and Scott C. Jackson, assistant professor at the Lee Business School at the University of Nevada, Las Vegas.

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