A study of the gender pay gap found that women fare better in women-led companies, typically making 15 to 20 percent more at such firms than they would at companies headed by men.

The study, released yesterday and conducted by economics professor Linda Bell of Haverford College, in Eastern Pennsylvania, suggests women executives are instrumental in helping other female executives succeed.

"My research shows very strong empirical evidence that women leaders are associated with positive outcomes for women executives in substantive and important ways," said professor Bell. "It seems a logical conclusion to infer that women leaders help the women below them."

Overall, top women executives are paid between eight to 25 percent less than their male counterparts. But the study found that gap breaks down when the chief executive officer or chairman is a woman, especially if the female CEO is a member of the board.

In firms with more female board members, women executives have relatively better compensation and representation among top management.

Bell studied compensation and the individual components of compensation -- mainly salary, bonuses, and the value of employee stock options -- of the top five executives in nearly 2,200 firms from 1992 to 2003.