Female CEOs on Japanese corporate boards and firm performance |
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| Institution: | 1. Monfort College of Business, University of Northern Colorado, Campus Box 128, Greeley Colorado 80639, USA;2. Faculty of Business Adminisitration, Tokyo Keizai University, 1-7-34 Minamicho, Kokubunji, Tokyo, Japan;3. Graduate School of Business Administration, Hitotsubashi University, 2-1 Naka Kunitachi Tokyo 186-8601, Japan;1. Faculty of Economics, Fukuyama University, Japan;2. Institute of Developing Economies, Japan;3. Institute of Developing Economies, Faculty of Global and Regional Studies, Toyo University, Japan;4. Institute of Developing Economies, Research Institute of Economy, Trade and Industry, Waseda University, Japan;5. Faculty of Economics, Kagawa University, Japan;1. Department of Economics, University of Hawai`i. Address: 2424 Maile Way, Saunders 542, Honolulu, Hawaii 96822, United States;2. College of Economics, Aoyama Gakuin University, and Research Associate, The Research Institute of Economy, Trade and Industry (RIETI). Address: 4-4-25 Shibuya, Shibuya-ku, Tokyo 150-8366, Japan;1. Meiji Gakuin University, 1-2-37 Shirokanedai, Minato-ku, Tokyo, 108-8636, Japan;2. Osaka University of Commerce, 4-1-10 Mikuriya-Sakae, Higashi-Osaka, Osaka, 577-8505, Japan;3. Hitotsubashi University, Institute of Economic Research. 2-1 Naka, Kunitachi, Tokyo 1868601 Japan;1. Graduate School of Economics, Waseda University, 1–6–1 Nishiwaseda, Shinjuku-ku, Tokyo, 169–8050, Japan;2. Faculty of Economics, Seijo University, 6–1–20 Seijo, Setagaya-ku, Tokyo, 157–8511, Japan |
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| Abstract: | 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. |
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