{"title":"Female CEOs on Japanese corporate boards and firm performance","authors":"Katsuyuki Kubo, Thanh Thi Phuong Nguyen","doi":"10.1016/j.jjie.2021.101163","DOIUrl":null,"url":null,"abstract":"<div><p>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.</p></div>","PeriodicalId":2,"journal":{"name":"ACS Applied Bio Materials","volume":null,"pages":null},"PeriodicalIF":4.6000,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jjie.2021.101163","citationCount":"9","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"ACS Applied Bio Materials","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0889158321000423","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"MATERIALS SCIENCE, BIOMATERIALS","Score":null,"Total":0}
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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