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Gender Diversity with a Focus on Nadeshiko Brands and Newly Listed Firms

Research Project

Project/Area Number 20K13535
Research Category

Grant-in-Aid for Early-Career Scientists

Allocation TypeMulti-year Fund
Review Section Basic Section 07060:Money and finance-related
Research InstitutionRitsumeikan University (2023)
Ritsumeikan Asia Pacific University (2020-2022)

Principal Investigator

FAN PENGDA  立命館大学, 経営学部, 准教授 (60847391)

Project Period (FY) 2020-04-01 – 2024-03-31
Project Status Completed (Fiscal Year 2023)
Budget Amount *help
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2023: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2022: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2021: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2020: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Keywords女性取締役 / サスティナビリティ / 二酸化炭素の削減 / 社外取締役 / 機関投資家 / 女性役員 / ESG / 二酸化炭素 / 三方よし / ダイバーシティ / カーボンニュートラル / 二酸化炭素の排出 / 女性活用 / CSR / 投資家の関心 / 企業価値の増大 / なでしこ銘柄
Outline of Research at the Start

本研究の目的は、女性活用は企業価値増大に寄与できるとすれば、その要因にどのようなものがあるかを、なでしこ銘柄及び新規株式公開企業を中心に分析することにより明らかにすることである。世界的には,近年女性管理職の登用がダイバーシティ経営のために推進されている。女性の活躍できる社会は重要であるが、すべての企業に同じ目標を課すべきかどうかは慎重に判断する必要があると思われる。なぜなら、女性役員の登用によって、企業価値が高まるかどうか、確定的な知見はまだ得られていない。そのため、本研究は異なる成長ステージの企業をそれぞれ検証し、女性活用の効果を究明しようとするものである。

Outline of Final Research Achievements

This study explores the impact of gender diversity on Japanese corporate boards, specifically regarding carbon emissions. Findings indicate that companies with female external directors typically see significant reductions in emissions. However, the influence of female internal directors is minimal. Moreover, in firms with insider-dominated boards or where the CEO wields strong power, even the contributions of female external directors are notably diminished. These results highlight the need for governance structures that empower female directors and promote their active engagement in environmental stewardship, underlining the importance of breaking traditional corporate hierarchies to enhance sustainability efforts effectively.

Academic Significance and Societal Importance of the Research Achievements

本研究では、2015年および2021年の企業統治コード改訂後、日本の企業における取締役会の独立性と多様性がどのように強化され、それが環境パフォーマンス、特に二酸化炭素排出量にどのような影響を与えるかを分析しました。分析結果、特に女性外部取締役が増えることで企業の環境パフォーマンスが向上することが確認されましたが、CEOの強い権力を持つ企業や内部取締役が主流の企業ではその効果が制限される傾向にあります。これらの調査結果は、女性取締役が持続可能な企業戦略と環境改善に実質的な影響を及ぼすためには、適切なガバナンス構造が必要であることを示唆しています。

Report

(5 results)
  • 2023 Annual Research Report   Final Research Report ( PDF )
  • 2022 Research-status Report
  • 2021 Research-status Report
  • 2020 Research-status Report
  • Research Products

    (14 results)

All 2024 2023 2022 2021 Other

All Int'l Joint Research (1 results) Journal Article (5 results) (of which Int'l Joint Research: 2 results,  Peer Reviewed: 5 results,  Open Access: 2 results) Presentation (6 results) (of which Int'l Joint Research: 5 results) Remarks (2 results)

  • [Int'l Joint Research] 上海大学(中国)

    • Related Report
      2023 Annual Research Report
  • [Journal Article] Sanpo-yoshi, top management personal values, and ESG performance2024

    • Author(s)
      Nguyen Thi Khanh Giang、Ozawa Tomoyuki、Fan Pengda
    • Journal Title

      Journal of Behavioral and Experimental Finance

      Volume: 41 Pages: 100903-100903

    • DOI

      10.1016/j.jbef.2024.100903

    • Related Report
      2023 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Does ownership structure influence carbon emission? Different roles of institutional investors2024

    • Author(s)
      Fan Pengda、Qian Xuepeng、Wang Jian、Yamada Kazuo
    • Journal Title

      Journal of Climate Finance

      Volume: 6 Pages: 100030-100030

    • DOI

      10.1016/j.jclimf.2023.100030

    • Related Report
      2023 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Does gender diversity matter? Female directors and firm carbon emissions in Japan2023

    • Author(s)
      Fan Pengda、Qian Xuepeng、Wang Jian
    • Journal Title

      Pacific-Basin Finance Journal

      Volume: 77 Pages: 101931-101931

    • DOI

      10.1016/j.pacfin.2022.101931

    • Related Report
      2022 Research-status Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] CEO Education and Firm Performance: Evidence from Corporate Universities2022

    • Author(s)
      Nguyen Hai Long、Fan Pengda
    • Journal Title

      Administrative Sciences

      Volume: 12 Issue: 4 Pages: 145-145

    • DOI

      10.3390/admsci12040145

    • Related Report
      2022 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] Equity Carve-Outs, Dual Directors, and Internal Labor Markets2022

    • Author(s)
      FAN PENGDA
    • Journal Title

      International Journal of Financial Studies

      Volume: 10(1) Issue: 1 Pages: 16-16

    • DOI

      10.3390/ijfs10010016

    • Related Report
      2021 Research-status Report
    • Peer Reviewed / Open Access
  • [Presentation] Sanpo-Yoshi, Top Management Personal Values and ESG performance2023

    • Author(s)
      FAN PENGDA
    • Organizer
      Korea-Japan Finance seminar
    • Related Report
      2023 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Sanpo-Yoshi, Top Management Personal Values and ESG performance2023

    • Author(s)
      FAN PENGDA
    • Organizer
      アジアファイナンス学会2023総会
    • Related Report
      2023 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Does Corporate Governance Influence Carbon Emission? Different Roles of Institutional Investors2022

    • Author(s)
      FAN PENGDA
    • Organizer
      日本経営倫理学会(JABES)・立命館アジア太平洋大学(APU)国際会議「サステナビリティとビジネス」
    • Related Report
      2022 Research-status Report
    • Int'l Joint Research
  • [Presentation] Does gender diversity matter? Female directors and firm carbon emissions in Japan2022

    • Author(s)
      FAN PENGDA
    • Organizer
      JFA-PBFJ Special Issue Conference
    • Related Report
      2021 Research-status Report
    • Int'l Joint Research
  • [Presentation] Equity carve-outs, dual directors, and internal labor markets2022

    • Author(s)
      FAN PENGDA
    • Organizer
      JFA-PBFJ Special Issue Conference
    • Related Report
      2021 Research-status Report
    • Int'l Joint Research
  • [Presentation] Equity carve-outs, dual directors, and internal labor markets2021

    • Author(s)
      FAN PENGDA
    • Organizer
      The 45th Annual Meeting of the Japan Finance Association
    • Related Report
      2021 Research-status Report
  • [Remarks] 立命館大学 研究者プロフィール

    • URL

      https://research-db.ritsumei.ac.jp/rithp/k03/resid/S002582;jsessionid=C09587801E5005BDBE2CF1727E7B16ED

    • Related Report
      2023 Annual Research Report
  • [Remarks] Google Scholar

    • URL

      https://scholar.google.co.jp/citations?user=OEnao_cAAAAJ&hl=ja

    • Related Report
      2023 Annual Research Report

URL: 

Published: 2020-04-28   Modified: 2025-01-30  

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