The main objective of this study is to explore differentiated perceptions of female supervisors in comparison with their male counterparts in Korea. Women are increasingly entering managerial positons and special attention was given to the 'gender combinations' of male/female supervisors and female/male subordinates respectively. In doing so, this study addresses the following questions: are the attributes of female supervisors viewed in the same way as their male counterparts? Does the gender of supervisors make a difference in perceptions about their effectiveness as managers? Do gender combinations influence the evaluation of managerial effectiveness from the subordinates' point of view? What are the implications for gender equality in organizations? The overall findings showed that male supervisors received more positive evaluations than female supervisors regarding managerial effectiveness. Also, the findings indicated a belief in the 'instrumentality' of men as managers. However, the study indicated that the perceptual gap regarding managerial effectiveness between male and female supervisors may be narrowing Implications of these outcomes for gender equality in organizations are discussed.