| Budget Amount *help |
¥3,510,000 (Direct Cost: ¥2,700,000、Indirect Cost: ¥810,000)
Fiscal Year 2016: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2015: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2014: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
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| Outline of Final Research Achievements |
I examine whether the stock market reacts to the appointments of new female directors or foreign directors using standard event study methodology. The event study results show that the market on average reacts positively to firm’s decisions to appoint a new female outside director to the board. The finding supports the notion that shareholders view the appointments of female outside directors as value-enhancing. In contrast, I find no such evidence for foreign directors. Furthermore, additional analyses show that firms with more female outside directors exhibit higher performance after fully addressing any endogeneity concerns.
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