TY - JOUR
T1 - Female CEOs on Japanese corporate boards and firm performance
AU - Kubo, Katsuyuki
AU - Nguyen, Thanh Thi Phuong
N1 - Funding Information:
This research was financially supported by the Japan Society for the Promotion of Science ( JSPS ) “Core-to-Core Program, A. Advanced Research Networks”, JSPS KAKENHI Grant Nos. 20K01758 and 19H00603 (Katsuyuki Kubo) and Waseda University Grant for Special Projects Nos. 2020C-172 (Katsuyuki Kubo) and 2019C-156 (Thanh Thi Phuong Nguyen).
Publisher Copyright:
© 2021 Elsevier Inc.
PY - 2021/12
Y1 - 2021/12
N2 - 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.
AB - 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.
KW - Corporate governance
KW - Female CEO
KW - Firm performance
KW - Japan
UR - http://www.scopus.com/inward/record.url?scp=85113678348&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85113678348&partnerID=8YFLogxK
U2 - 10.1016/j.jjie.2021.101163
DO - 10.1016/j.jjie.2021.101163
M3 - Article
AN - SCOPUS:85113678348
SN - 0889-1583
VL - 62
JO - Journal of The Japanese and International Economies
JF - Journal of The Japanese and International Economies
M1 - 101163
ER -