表題番号：2019C-156
日付：2019/11/10
研究課題Effects of CEO gender on firm behavior and ｆｉｒｍ ｐｅｒｆｏｒｍａｎｃe.Empirical evidence in Japan
| 研究者所属（当時） | 資格 | 氏名 | |
|---|---|---|---|
| （代表者） | 商学学術院 商学部 | 助手 | グエン ティ フォン タン |
- 研究成果概要
- This research examines gender gap at the top position in Japan and the relation between female CEO representation and firm performance. This is the first empirical research on impact of female CEO representation on firm performance using Japan data. My database shows that the percentage of women on board is extremely low in Japan. Women on average make up only 1.6% of the board in Japan, only 9% of firm-year observation having female directors. The number of female CEO is few, roughly 0.8% of firm-year observations have female CEOs. My database records totally 76 individual female CEOs uniquely from 2004 to 2015. In short, I find that firms having female CEO on board are younger listed firm, smaller size, and higher CEO ownership than firms led by males. There is no empirical evidence that female CEO representation correlates with firm performance. Market reacts positively to the introduction of first female CEO but not statistically significant. There is a positive relation between female CEO representation and ROA add Tobin’ Q but not statistically significant. Performance comparison between firms being run by female CEOs and matched firms being run by males provides no evidence of over performance of any types.