Abstract

Souhei Ishida, Makoto Kuroki and Akinobu Shuto
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Souhei Ishida: Hitotsubashi University
Makoto Kuroki: Kobe University
Akinobu Shuto: The University of Tokyo

No CARF-F-622, CARF F-Series from Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo

Abstract: This study focuses on compliance with disability employment regulations in Japan and examines the effect of board gender diversity (BGD) on compliance with other diversity-related regulations, as well as on ‘diversity washing.’ Using a difference-in-differences design, we identify the effect of BGD on disability employment outcomes and document that the presence of female directors increases the probability of achieving the statutory employment rate and decreases the likelihood and level of disability diversity washing. Our results suggest that increased BGD promotes compliance with other diversity-related regulations and curbs opportunistic disclosure behavior, i.e., diversity washing. This study contributes to the accounting literature by providing evidence on (1) the determinants of disability employment compliance, (2) the interrelationships among different dimensions of diversity, and (3) governance factors that mitigate diversity washing.

Pages: 65
Date: 2026-04
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