Unveiling the relationship between women on board and woman CEO selection: What is the role of sustainability governance?

Several companies nowadays are committed to improving the presence of women at the corporate apex. However, little is known about the factors able to facilitate women’s access to the CEO role. This paper relies on critical mass theory to investigate whether the presence of a critical mass of women on board facilitates the appointment of a woman CEO. Moreover, the paper investigates whether the presence of a sustainability committee on board strengthens the relationship between women on board and a woman CEO appointment. Lastly, the paper examines whether the presence of a sustainability-linked incentive system strengthens such a relationship.