表題番号：2023C-674 日付：2023/11/05
研究課題取締役会とトップマネジメントチームのダイバーシティーに関する実証研究
研究者所属（当時） 資格 氏名
（代表者） 社会科学総合学術院 社会科学部 教授 好川　透
（連携研究者） Keio University Associate Profewssor Daisuke Uchida
（連携研究者） Kyoto University Professor Asli Colpan
研究成果概要
This study investigates how shareholders cast their votes on female director candidates, especially when they have multiple directorships, at general shareholders’ meetings. Using the concept of busy directors, we examine whether there are any differences between female and male director candidates in terms of shareholders’ votes. We predict that shareholders are more likely to cast positive votes on female candidates than on male candidates due to increasing institutional pressure for gender diverse boards. Based on social role theory, we further predict that shareholders tend to support female candidates who are moderately busy, i.e., those with an additional board seat. Because of a gender bias, shareholders consider that female candidates’ board experience confers legitimacy. However, we expect that benefits of multiple board seats dissipate when director candidates, both male and female, are too busy as shareholders question their commitment to the focal board, leading to weaker support by shareholders. Finally, we predict that female candidates receive less shareholder support under an adverse environment because women are perceived to lack the leadership quality in such situations following role congruity theory. Using the sample of Japanese firms, we tested our predictions, and all hypotheses are supported by our empirical analysis. Our results thus show that shareholders perceive busyness of female and male director differently and consider a concurrent board seat as a positive factor which can mitigate their gender bias.