Abstract
Even though there are a number of previous studies investigating the underperformance of female-led firms as compared to male-led ones, none have investigated the impact of women as heads of firms in terms of short-term performance (sales and profit) and long-term development (innovation and training). Using 1,043 manufacturing firms in Thailand as a case study of a developing country in which the proportion of women chief executive officers (CEOs) is the highest among the Southeast Asian countries, this article investigates the impact of female CEOs on both short-term performance and long-term firm development. Even though the number of women in the manufacturing sector is limited, women CEOs of Thai manufacturing companies are found to have a negative effect on both short-term financial performance indicators, including the annual sales and profits, as well as long-term development of firm indicators (product innovation, process innovation, and provision of employee training). However, this negative association of short-term financial performance is weaker in the case of women CEOs who have completed college. In addition, more experienced women CEOs are more likely to provide employee training. Promoting highly educated and experienced women in management positions as well as providing them with training should be a priority in order to enhance the short-term and long-term performances of their companies.