In this study, we delve into the impact of women occupying top leadership positions on their female subordinates and the overall organizational landscape concerning gender equality. Following an exploratory approach, we employ a difference-in-difference methodology to assess the female leadership effect on a series of outcomes (e.g., gender gap, vertical mobility). In sum, we take advantage of granular and individual-level longitudinal data from Brazilian firms, tracking when the firm leader (e.g., CEO) changed from a man to a woman. None of our findings show differences in the consequences for other female employees after the gender change in the leadership of their companies. Although ‘no evidence of difference’ does not read the same as ‘evidence of no difference,’ our findings do not support the so-called ‘queen-be phenomena.’ We contribute to gender-related studies with much-needed research addressing endogeneity concerns and aiming to identify causal relationships in the topic. Nevertheless, we highlight more research is needed to further unpack the mechanisms behind the actions of female leaders and the ultimate consequences for other women in different hierarchies.