The first is the presence of two or more women in the top management team. This variable draws on the critical mass theory (e.g., Granovetter, 1978; Kanter, 1977a,b) and empirical evidence on it (e.g., Torchia et al., 2011), which suggests that the ability to form alliances and coalitions should give women more power to pursue their preferences. The second is the sum of the pay slices of all female managers out of the group of top five managers in a firm.