Catalysts at the Top: Female Directors and Women’s Promotions to Top Ranks

Using a comprehensive rank metric for over 100,000 managers, we find that greater female board representation facilitates more female managers, especially those with high ability, advancing to higher executive ranks. Consistent with critical mass theory, the effect is stronger when companies have three or more female directors. Potential mechanisms include female directors fostering a more supportive promotion environment for female managers, mitigating gender stereotypes, and fostering a stronger corporate culture. Female board representation has a more positive effect on female managers’ advancement during the COVID-19 pandemic and in states with abortion restrictions after the overturning of <i>Roe v. Wade</i>.