Bible Belt regions witnessing a reversal in the gender pay gap for CEO positions, according to a study by Brock.
In a groundbreaking study published in the Journal of Business Ethics on June 1, 2025, Brock University Professor Samir Trabelsi and his team, including Professor Dave Bouckenooghe, Kareen Brown, and then-master's student Maryam Vashahi (MSc '23), have shed new light on the relationship between religiosity and gender dynamics in executive leadership. The study, titled "Religiosity and Gender Dynamics in Executive Leadership: Impact on CEO Appointments and Pay Disparities," was conducted over a period of 23 years, analysing 2,936 CEO transitions in U.S.-listed firms between 1998 and 2021.
Contrary to expectations, the findings revealed an "exceptionalism premium," meaning women who become CEOs in highly religious states earn more than their male peers. This challenges the stereotype that firms in states with stronger religious cultures would be less likely to appoint women CEOs and that if they did, they would earn less than men.
The researchers found no significant relationship between local religiosity and the appointment of female CEOs. However, they did note that some firms may promote women to signal diversity but fail to provide equitable pay, a practice known as performative diversity.
Women continue to be significantly underrepresented in CEO positions, making it essential to understand the factors that either create barriers or open pathways for their advancement. According to Maryam Vashahi, women CEOs in religious states are paid more than their male counterparts, but still earn less than women CEOs in secular states. As of 2024, only about 5% of TSX-listed companies had a woman CEO in Canada, with Canadian women executives still earning about 40% less in total compensation than their male counterparts on average.
The study was set in America's "Bible Belt," and the search results do not provide specific information about companies in U.S. states with high religiosity that have appointed female CEOs or the compensation these women received. The researchers hope that their findings will spark broader conversations about governance and gender equity, not just in the U.S., but globally.
Canadian regulators and boards could strengthen diversity and pay equity initiatives to help more women reach CEO roles and ensure fair compensation. The study serves as a call to action for businesses and policymakers to address the persistent gender pay gap and ensure that women are supported, compensated fairly, and empowered once they break the glass ceiling.
