'Burnt By The Spotlight'': How Leadership Endorsements Impact The .

This document is copyrighted by the American Psychological Association or one of its allied publishers. This article is intended solely for the personal use of the individual user and is not to be disseminated broadly. 1886 DWIVEDI, MISANGYI, AND JOSHI skills and suitability for the position (Graffin et al., 2011). Although some form of leadership endorsement marks every new CEO’s entry into a role, the degree to which these endorsements emphasize the incoming executive’s competence varies considerably. Communicating a leader’s competence through a leadership endorsement at the time of succession is presumably aimed at generating positive perceptions and evaluations among all stakeholders of the incoming CEO (Graffin et al., 2013). Furthermore, research on leadership identity suggests that such endorsements of a new leader should be beneficial because they can enhance the perceived legitimacy of the incoming CEO (DeRue & Ashford, 2010). There is ample reason to believe that while leader endorsements would help all incoming CEOs, they would be especially beneficial to incoming female CEOs. Indeed, these endorsements would seem to be useful for overcoming the descriptive stereotypes often faced by female leaders: Because individuals often stereotypically believe that females possess nurturing and communal characteristics, women are implicitly viewed by organizational stakeholders as “lacking fit” with leadership roles which presumably require male-typed agentic and aggressive qualities (Cejka & Eagly, 1999; Eagly & Karau, 2002; Heilman, 1983, 2001; Phelan & Rudman 2010). Yet, although leadership endorsements that emphasize the new leader’s effectiveness and leadership qualities may help to ameliorate the barriers faced by women due to descriptive stereotypes (Heilman, 1983, 1995), they are likely to violate prescriptive gender stereotypes or injunctive norms—that is, that women “should be” nurturing, socially sensitive, and communal. We suggest that this may have longer-term negative consequences for the female leader. Indeed, past research on the “penalties of success” faced by females (e.g., Heilman & Okimoto, 2007; Heilman & Wallen, 2010) suggests that by emphasizing an incoming female CEO’s competencies and past successes, leadership endorsements showcase that the new female leader does not adhere to prescriptive norms about how women “should be.” Such violations could elicit social disapproval, backlash, and evaluation penalties for female CEOs (Heilman & Okimoto, 2007; Heilman & Wallen, 2010; Rudman & Glick, 2001; Rudman & Phelan, 2008; Rudman et al., 2012; Scott & Brown, 2006). In this study, we build on this latter research and integrate it with research on stereotype threat effects to examine whether variability in endorsements of new female CEOs’ competence is linked to their longevity in the CEO role. Specifically, we theorize that leadership endorsements of incoming female CEOs that highlight their past effectiveness and competence as leaders inadvertently violate expectations based on prescriptive stereotypes. This violation of gendered expectations may increase the likelihood of stakeholders viewing incoming female leaders through a stereotypical lens, a bias that is likely to be associated with stereotype threat reactions among the female CEOs (Dixon-Fowler et al., 2013; Eagly & Karau, 2002; Gaughan & Smith, 2016; Heilman, 2012; Hoyt & Murphy, 2016; Lee & James, 2007; McDonald et al., 2018; Park & Westphal, 2013). Stereotype threat is “the concrete, real-time threat of being judged and treated poorly in settings where a negative stereotype about one’s group applies” (Steele et al., 2002. p. 385). It can be a psychological burden for female leaders and is likely to be detrimental for their longevity in the role. Our empirical investigation takes a twofold approach. First, we develop and test our hypotheses using archival data from a sample of 91 female CEO succession events between 1995 and 2012. Second, we conducted a supplemental qualitative study in which we interviewed 31 senior female executives at various ranks (i.e., vice presidents, chief financial officers, general managers, and CEOs) across multiple organizations. We asked them about their experiences in top leadership positions and during their transition into them. The quantitative analyses and the main themes that emerged from our qualitative analysis help examine how and why leader endorsements of new female CEOs may be related to their longevity in the CEO role. Our study makes several contributions. First, we contribute to theory and research on the barriers that women face in achieving success in the organization’s upper echelons. This past research has almost exclusively focused on the challenges women face due to the descriptive stereotyping that confronts females as they attempt to ascend into leadership positions (e.g., Eagly & Karau, 2002; Koenig et al., 2011; Schein, 1975, 1978). Our study advances this literature by proposing that the degree to which leadership endorsements convey female leaders’ competence is associated with a long-term negative impact for these leaders because they (unintentionally) violate prescriptive gender stereotypes. Furthermore, we theorize that certain entry conditions—the insider origin of the female successor and the presence of female executives in the focal firm— may affect this relationship. As such, we contribute to the growing evidence that shows the importance of local conditions for female CEO success (Dwivedi et al., 2018; Zhang & Qu, 2016). Second, our study importantly extends the body of gender research on the “penalties for success” (e.g., Heilman, 2001; Heilman et al., 2004; Heilman & Okimoto, 2007) that women face in organizations: This past research has mostly been conducted in laboratory settings. Through both an archival study of CEOs and field interviews with female executives, we examine how such penalties operate among the upper echelons of organizations. Finally, our study also provides insights into the literature on the unintended negative consequences of ubiquitous and routine organizational practices for underrepresented groups (Castilla, 2008; Correll et al., 2017; Dobbin et al., 2015; Leslie, 2019). Our focus on the relationship between one commonly used practice in succession contexts-leadership endorsements—and female CEOs’ longevity helps specify why such practices may have adverse effects on gender diversity overall in the upper echelons of organizations. Theory and Hypotheses Past research has clearly shown that females’ evaluations in maletyped roles can be based upon either descriptive or prescriptive stereotypes (Eagly & Karau, 2002; Rudman & Glick, 2001). As noted above, “descriptive” stereotypes characterize women as possessing attributes that make them generally unfit to be effective leaders and present barriers to women’s ascension into top executive positions (e.g., Eagly et al., 1995; Paustian-Underdahl et al., 2014; Schein, 1973, 1975). For instance, a meta-analysis by Koenig et al. (2011) showed that leaders tend to be perceived in terms of masculine traits rather than feminine ones. Broad support for this perspective also comes from research that has examined organizational stakeholders’ perceptions of women’s ability to perform in CEO roles effectively (e.g., Dixon-Fowler et al., 2013; Lee & James, 2007; Park & Westphal, 2013). For example, female CEO appointments elicit adverse reactions from shareholders

This document is copyrighted by the American Psychological Association or one of its allied publishers. This article is intended solely for the personal use of the individual user and is not to be disseminated broadly. LEADERSHIP ENDORSEMENTS AND FEMALE CEO LONGEVITY (Lee & James, 2007), which have spillover effects on other firms led by female CEOs (Dixon-Fowler et al., 2013). Media coverage on women CEOs is far more likely to prime gender roles by alluding to the executive’s children and marital status, ultimately portraying the female CEOs based on descriptive stereotypes rather than on their competence as viable leaders (Lee & James, 2007). Evidence also suggests that CEOs are more likely to attribute low performance to a peer CEO rather than to environmental factors when the peer is a female rather than a male, which increases the possibility of negative media coverage for female-led firms and harms the reputations of women CEOs (Park & Westphal, 2013). Moreover, when a failure occurs, women are more likely to be singled out for criticism and blame (Haslam et al., 2010). Although this research shows that female leaders experience significant barriers in the upper echelons, numerous studies have pointed to variability in career outcomes among females based on the extent to which they violate stereotypical prescriptive expectations of “being a woman.” Indeed, the broader literature on gender-based evaluations suggests that females who display stereotypically male-typed leadership qualities (i.e., dominance, aggressiveness, and independence) or are successful in traditionally male roles are penalized. They incur penalties because such attributes and performance are considered to be incongruent with the qualities that women “should” possess (i.e., nurturing, socially sensitive, and communal) (e.g., Heilman & Okimoto, 2007; Heilman & Wallen, 2010; Rudman & Phelan, 2008; Scott & Brown, 2006). In other words, such male-typed displays by women violate prescriptive stereotypes and are related to negative consequences for female leaders. For instance, prior experimental evidence suggests that when women are acknowledged to have been successful in tasks or roles that are distinctly male oriented, they are less liked and more personally derogated—and being disliked can have negative career outcomes (Heilman et al., 2004). In short, as with the violation of any social norm (Cialdini & Trost 1998), women who are perceived as transgressing prescriptive gender role expectations face a “backlash effect” in the form of social disapproval and negative evaluations (Gill, 2004; Heilman et al., 2004; Heilman & Okimoto, 2007; Parks-Stamm et al., 2008; Rudman, 1998; Rudman & Glick, 1999, 2001; Rudman & Phelan, 2008). Building on this research, we theorize that among incoming female CEOs, variability in leadership endorsements at the time of entry into the CEO role can have immense implications for the new female CEO’s longevity in the role. Specifically, we posit that leadership endorsements that highlight a female leader’s competencies violate organizational stakeholders’ prescriptive stereotypes and trigger a persistent bias toward the female CEO. The stereotype threat situation that might ensue for female CEOs is ultimately related to a decrease in their longevity in the CEO role. First, as just discussed above, prior evidence suggests that females who display characteristics and actions that fulfill the agentic male-typed requirements of leadership—that is, who display competence, confidence, and ambition—are faced with a unique “catch-22” or “double-bind” situation (Eagly & Carli, 2012; Heilman, 2001; Heilman et al., 2004; Heilman & Okimoto, 2007; Rudman & Glick, 1999, 2001). That is, although these qualities help female leaders overcome descriptive gender stereotypic expectations (i.e., the perceived incompetence of females for leadership roles), they risk violating prescriptive gender stereotypes (i.e., females should not be or act that way) and thus facing social disapproval (Phelan & Rudman 2010; Rudman, 1998). Therefore, 1887 we suggest that when firms’ endorse new incoming female CEOs as competent leaders, that is, they showcase the new CEO’s competence and past achievements and thus “fit” with the CEO role, such endorsements are likely to violate organizational stakeholders’ prescriptive stereotypes about females. These violations might inadvertently manifest into stakeholders’ treatment of the female CEOs in a biased manner (e.g., Heilman, 2001; Heilman et al., 2004; Heilman & Okimoto, 2007). Furthermore, there is more than ample reason to expect that this gender stereotyping and bias toward female CEOs that sets in at the time of succession is likely to persist throughout the female CEO’s tenure. When evaluation processes are unclear and ambiguous, as is especially the case in the early years of a CEO’s tenure (Graffin et al., 2013), the uncertainty lends to stakeholders’ sustained reliance on the stereotype-based expectations in their evaluations and actions toward the female CEO (Heilman, 2001; Heilman & Eagly, 2008; Nickerson, 1998). In other words, once gender stereotypes are activated, stakeholders are likely to use them to judge the female CEO by subsequently seeking and favoring information about the female CEO that is consistent with their initial stereotypes (Chaxel, 2015; Johnston, 1996; Russo et al., 2014). Moreover, as Nickerson (1998) has highlighted, this persistent bias unfolds unconsciously: “People can and do engage in case-building unwittingly, without intending to treat evidence in a biased way or even being aware of doing so” (p. 175). Second, we suggest that the stereotype violation and subsequent persistent bias by stakeholders associated with leadership endorsements are related to a stereotype threat situation that is likely to take a negative toll on the female CEOs. Considerable research suggests that when individuals believe that stereotypes are being consistently used to judge their behavior in a given domain, it creates a state of social–psychological turmoil, or “stereotype threat” situation, for the evaluated individuals (Davies et al., 2002; Spencer et al., 1999; Steele, 1997; Steele & Aronson, 1995; Steele et al., 2002). Indeed, prior studies suggest that the experience of stereotype threat is likely to have deleterious consequences (Spencer et al., 2016): Evidence from laboratory studies suggests that the anticipation of harm experienced when one is stereotyped can cause physiological arousal and stress (Murphy et al., 2007), heighten self-monitoring of performance, and increase the possibility for negative thoughts and feelings of anxiety (Schmader et al., 2008). Moreover, being evaluated through the lens of gender stereotypes motivates individuals to disconfirm the stereotype (e.g., Kray et al., 2001, Kray & Thompson 2004; Nussbaum & Steele, 2007; Vandello et al., 2008) or at least to avoid confirming it (e.g., Brodish & Devine, 2009; Chalabaev et al., 2012; Davies et al., 2002, 2005; Good et al., 2008; Nussbaum & Dweck, 2008; Ståhl et al., 2012). This stereotype threat thus represents yet an additional pressure to succeed—over and above the other work pressures that women as executives face in competitive situations. Past studies have indicated that these processes, especially when they unfold over extended periods of time, are related to physiological and psychological stress and burnout (Murphy et al., 2007; Shirom, 1989, 2003; Zohar, 1997). Both conditions conducive for experiencing such stereotype threats appear to be present in the succession contexts of female CEOs. That is, past research suggests that stereotype threat occurs when stereotyped individuals have both knowledge of the stereotypes linked to their threatened social identities and the knowledge that they risk being personally reduced to those stereotypes in

1888 DWIVEDI, MISANGYI, AND JOSHI This document is copyrighted by the American Psychological Association or one of its allied publishers. This article is intended solely for the personal use of the individual user and is not to be disseminated broadly. targeted domains (Steele et al., 2002). There is ample anecdotal evidence showing that top female executives experience stereotype threat, as is well illustrated in the following quote from a postexit interview with Maureen Chiquet, the former CEO of the prominent retail brand Chanel (Inc., 2017), which describes her experiences with gender stereotypes and their detrimental effects on female leaders: I had a mentor at that time : : : (I told him) I would really like the Presidency of Banana Republic : : : because I’ve built a really great team, I’ve led an amazing business, we’ve had excellent results : : : I am giving all the reasons : : : he said “you’re asking like a woman, you need to ask like a man” : : : .(women) feel that they can’t be themselves because : : : they will be condemned as being soft or not powerful enough, or don’t have enough leadership presence : : : My battle with the patriarchy has been mostly internal : : : So many women struggle with this : : : it’s not uncommon : : : they (women) are afraid. Moreover, research suggests that female CEOs receive a great deal of scrutiny (Dixon-Fowler et al., 2013; Lee & James, 2007; Park & Westphal, 2013) and are under a constant threat by activist investors (Gupta et al., 2018). Thus, female CEOs are likely to be aware of the stereotypes linked to their gender and know that they risk being personally reduced to those stereotypes throughout their tenure as CEOs. Given this awareness, they are likely to experience cognitive, affective, and behavioral turmoil due to stereotype threat (Schmader et al., 2008). The following quotes from Ursula Burns, former CEO of Xerox, about her initial endorsement and the subsequent stereotype threat she experienced from activist investors further illustrates that this pressure affects female CEOs. She recounted that “there were two things that were really heralded when I was announced (as the CEO in 2009) : : : One was that a woman had transitioned (to another woman) [ : : : ] the second was the first African-American (female) CEO [ : : : ] there was a lot of discussion about how spectacular and amazing I was : : : the reason why those words were used was because it made it easier for [ : : : ] guys to accept me in.” Later in her tenure as CEO (2015), she was targeted by activist shareholders. “I didn’t quite know what I was in for [ : : : ] there was more of a creeping knowledge and awareness of just how much energy this will take [ : : : ] it was a blur [ : : : ] (I) called the board for advice [ : : : ] (I had to be) trained on how to be less of Ursula Burns [ : : : ] and more guarded in what (I) say [ : : : ] it felt personal” (Financial Times, 2018). Therefore, we suggest that the stereotype threat situation that is fomented by early leadership endorsements of incoming female CEOs may be a psychological burden for the new female CEOs that would lend to shortening their longevity in the CEO role. The additional burden of dealing with the continued threat of stereotyping and bias from key stakeholders, over and above the already stressful job of a CEO, is likely to undermine female CEOs’ sense of belonging, heighten the uncertainty, and intensify the pressure to monitor their performance and behavior. As outlined above, such cognitive, physical, and emotional depletion that is likely from continuously dealing with being stereotyped may be associated with feelings of emotional exhaustion and burnout. As an example, the former CEO of DuPont, Ellen Kullman, who had spent 2 years withstanding attacks from activist investors before resigning from the role in 2015, stated in a postexit interview (Fortune, 2016) that “(the activist investor) had very much made me the issue [ : : : ] it was made to be very personal [ : : : ] at some point when you’re fighting these fights you lose your joy [ : : : ] these jobs are hard and you really have to have that joy to get out of bed at five o’clock every morning and to do what we do [ : : : ] it just seemed (to me) like I was the lightning rod and at that point the best thing to do was to make a change.” Echoing similar thoughts, Indra Nooyi, the former CEO of Pepsi Co., famously remarked about her retirement: “If I had not gotten tired after about 10–11 years, I would have done it for 25 years” (Women in the World Summit, 2019). In short, we posit that leadership endorsements that highlight the incoming female CEO’s competencies at the time of succession are likely to activate organizational stakeholders’ gender stereotyping and bias associated with a state of continual stereotype threat experienced by female CEOs. The cognitive, physiological, and psychological toll that stereotype threat puts on female CEOs is likely to threaten their longevity in the CEO role; female CEOs whose competencies are endorsed to a greater degree will have shorter tenures. Formally, we hypothesize that as follows: Hypothesis 1: Leadership endorsements in the succession announcements of new female CEOs are negatively related to the female CEO’s longevity in the CEO role. Stereotype Threat Attenuation: Successor Insider Origins and the Presence of Other Female Executives So far, we have argued that the endorsement of female CEOs’ leadership capabilities at the time of succession is related to a stereotyping process that might threaten female CEOs and their longevity in the CEO role. However, theory and evidence from several disparate research streams suggest that aspects of the context may reduce the likelihood of stereotype activation and stereotype threat. For instance, considerable research in traditionally maledominated fields such as medicine, engineering, and entrepreneurship has shown that aspects of the context that emphasize gender neutrality or gender balance reduce the gender gap in performance, perceived likelihood of success in the field, and task engagement (Emerson & Murphy, 2015; Wayne et al., 2010). Other research has shown that the presence of female role models in traditionally male settings can help to “inoculate” females against concerns about being evaluated negatively based on stereotypes (Dasgupta, 2011, p. 231; Marx et al., 2009; Marx & Roman, 2002; McGlone et al., 2006). For example, reading about successful female mathematicians and viewing images of female scientists has proven effective in thwarting negative stereotype threat effects in science and math (Good et al., 2010; McIntyre et al., 2003). Moreover, there is ample evidence from studies conducted in the laboratory and educational contexts to suggest that positive images of leaders of underrepresented groups can significantly reduce stereotype threat for the focal individual (e.g., Ambady et al., 2004; Gresky et al., 2005; Kray et al., 2002). Finally, there is research on female CEOs that suggests that certain facets of the succession context and focal firm are conducive to create local conditions in which stakeholders do not readily perceive female CEOs through global gendered stereotypes (Dwivedi et al., 2018; Zhang & Qu, 2016). We build upon this extant research to suggest that the negative relationship between the endorsements of new female CEOs and their longevity in the CEO role is diminished in two particular succession contexts: When the female CEO successor is promoted

This document is copyrighted by the American Psychological Association or one of its allied publishers. This article is intended solely for the personal use of the individual user and is not to be disseminated broadly. LEADERSHIP ENDORSEMENTS AND FEMALE CEO LONGEVITY from within the focal firm (i.e., she has “insider origins”) or when there is a presence of other females executives on the focal firm’s top management team and board of directors. Both contexts are likely to counteract the likelihood that endorsements of the new female CEOs are associated with prescriptive stereotyping and continued bias by stakeholders as well as help to minimize the new female leader’s susceptibility to feeling stereotype threat to the degree it does occur. First, the findings of studies by Dwivedi et al. (2018) and Zhang and Qu (2016) show that being promoted from within the firm is an integral factor contributing to the subsequent success of female CEOs. Both studies suggest that this is largely due to the effect that the female successor’s insider origin has on the local stakeholders’ perceptions of the new female CEO. Lee and James (2007) similarly found that stock m

"Burnt by the Spotlight": How Leadership Endorsements Impact the Longevity of Female Leaders Priyanka Dwivedi1, Vilmos F. Misangyi2, and Aparna Joshi2 1 Mays Business School, Texas A&M University 2 Smeal College of Business, Pennsylvania State University Women entering leadership positions such as the Chief Executive Officer (CEO) role face barriers in the