2017 Fiscal Year Final Research Report
The stock market reactions to announcements of new director appointments
| Project/Area Number |
26780192
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Money/ Finance
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| Research Institution | Kansai University (2016-2017)
Ritsumeikan University (2014-2015) |
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Principal Investigator |
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| Project Period (FY) |
2014-04-01 – 2018-03-31
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| Keywords | 女性役員 / 外国人役員 / コーポレートガバナンス / 株式市場 |
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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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| Free Research Field |
ファイナンス
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