Female Chief Marketing Officers: When and Why Do Their Marketing Decisions Differ from Their Male Counterparts’?

Abstract

Firms have appointed a significant number of female chief marketing officers (CMOs) over the past decade. However, the question of how female CMOs differ from their male counterparts is yet to be explored. This research uses a multimethod approach to examine when and why female CMOs’ marketing decisions differ from those of male CMOs. In Study 1, the authors use secondary data to examine the effect of CMO gender on multiple marketing decisions and find that female CMOs make less risky decisions. Further, the authors find evidence that female CMOs’ risk-taking behavior is contingent on structural, organizational, and environmental factors (CEO gender, relative firm performance, and demand uncertainty). In Study 2, the authors employ the MarkStrat simulation, in which participants assume the role of CMO, to test the main finding from Study 1 in a controlled setting and provide evidence for the differential effect of gender on radical versus incremental new product introductions. In Study 3, the authors examine survey data to find evidence for the underlying mechanisms (overconfidence, failure avoidance orientation, and scrutiny) behind female CMOs’ lesser risk-taking behavior.