Using widely available data on Executive Compensation from Standard and Poor’s ExecuComp over the period 1992-2003, this paper explores the gender gap in top executive jobs and the effect of women CEOs, Chairs, and Directors on the pay of other women executives. Consistent with the broad empirical literature, the results show a narrowing of the uncorrected gender pay gap from the mid-1990s. Women top
executives earn between 8% to 25% less than male executives after controlling for differences in company size, occupational title, and industry. The gender pay gap is
dependent on the gender of the chief executive and corporate board chair. Women CEO and board chairs bring more top women and at higher pay than is found in non-womenled firms. Women executives in women-led firms earn between 10-20% more than
comparable executive women in male-led firms and are between 3-18% more likely to be among the highest five paid executives in these firms as well. The paper thereby
provides strong empirical evidence that women leaders are associated with positive outcomes for women executives in substantive and important ways.