Existing explanations of tokenism predict similar experiences for all numerically small, low-status groups. These explanations, however, cannot account for variation in the experiences of different low-status minority groups within the same setting. This article develops a theory of tokenism that explains such variation. Drawing on 117 interviews in the leveraged buyout industry (LBO) and a comparison of the differing experiences of female and African American male tokens in that setting, I argue that tokenism is contingent on the local cultural context in which it is embedded. Specifically, I identify two elements of an occupation’s culture—its hierarchy of cultural resources and its image of the ideal worker—that can specify some status characteristics as more relevant to and incompatible with the occupation’s work than others. In LBO, the industry values cultural resources that, on average, women lack but men possess, and the ideal worker is defined such that it directly conflicts with cultural beliefs about motherhood. Consequently, in this context, gender is a more relevant status characteristic for exclusion than is race, and female tokens are differentially disadvantaged. In addition to revising received wisdom about tokenism, this study integrates and advances social psychological and cultural theories of exclusion by deepening our understanding of the role of cultural resources and schemas in occupational inequality.
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