Female CEOs on Japanese corporate boards and firm performance

Katsuyuki Kubo and Thanh Thi Phuong Nguyen

Journal of the Japanese and International Economies, 2021, vol. 62, issue C

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.

Keywords: Female CEO; Corporate governance; Firm performance; Japan (search for similar items in EconPapers)
JEL-codes: G32 G38 L25 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jjieco:v:62:y:2021:i:c:s0889158321000423

DOI: 10.1016/j.jjie.2021.101163

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