Female CEOs on Japanese corporate boards and firm performance

IF 2.6 3区经济学 Q1 ECONOMICS

Journal of the Japanese and International Economies Pub Date : 2021-12-01 DOI:10.1016/j.jjie.2021.101163

Katsuyuki Kubo, Thanh Thi Phuong Nguyen

引用次数: 9

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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日本公司董事会中的女性首席执行官与公司业绩

本文考察了女性首席执行官(ceo)对公司绩效的影响。利用日本非金融上市公司的数据，我们发现，在约4.2万家公司的年度观察中，只有0.8%的公司有女性首席执行官。在我们的样本期间，也几乎没有证据表明公司任命更多的女性担任首席执行官。虽然股票市场对公司引入第一位女性首席执行官反应积极，但首席执行官性别与公司会计绩效之间的关系通常不强。然而，当我们对女性CEO的类型进行分类时，创始人女性CEO和Tobin’s Q的估计系数为正且显著。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of the Japanese and International Economies Multiple-

CiteScore

5.10

自引率

6.90%

发文量

期刊介绍： The Journal of the Japanese and International Economies publishes original reports of research devoted to academic analyses of the Japanese economy and its interdependence on other national economies. The Journal also features articles that present related theoretical, empirical, and comparative analyses with their policy implications. Book reviews are also published.