Female CEOs on Japanese corporate boards and firm performance

Katsuyuki Kubo*, Thanh Thi Phuong Nguyen

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

10 Citations (Scopus)


This paper examines the effects of female chief executive officers (CEOs) on firm performance. Using data on nonfinancial listed firms in Japan, we show that only 0.8% of some 42,000 firm-year observations have female CEOs. There is also little evidence that firms appoint more females as CEOs during our sample period. While the stock market reacts positively to the introduction of a firm's first female CEO, the relationship between CEO gender and firm accounting performance is generally not strong. However, when we classify the type of female CEO, the estimated coefficient for a founder female CEO and Tobin's Q is positive and significant.

Original languageEnglish
Article number101163
JournalJournal of The Japanese and International Economies
Publication statusPublished - 2021 Dec


  • Corporate governance
  • Female CEO
  • Firm performance
  • Japan

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics
  • Political Science and International Relations


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