What Types of Companies Have Female and Foreign Directors?

22 Pages Posted: 17 Jul 2014

See all articles by Masayuki Morikawa

Masayuki Morikawa

Research Institute of Economy, Trade and Industry (RIETI)

Multiple version iconThere are 2 versions of this paper

Date Written: July 1, 2014

Abstract

This paper analyzes the determinants of the presence and the number of female and foreign directors among Japanese companies. First, listed and long-established companies, subsidiaries, and unionized companies tend not to have female directors. On the other hand, owner-managed companies are likely to have female directors and chief executive officers (CEOs). Company size and foreign shareholdings do not have significant relationships with the presence of female directors. Second, while some past studies in the United States and European countries find evidence of “tokenism,” whereby female-led companies do not appoint additional females as directors, we do not find such evidence among Japanese companies. Third, while foreign-owned companies and companies engaged in overseas activities tend to have foreign directors, other company characteristics, such as size and listing status, do not have systematic relationships with the presence of foreign directors.

Keywords: Female directors; Foreign directors; Diversity; Owner-managed company

JEL Classification: G32; J51; J71; M12; M51

Suggested Citation

Morikawa, Masayuki, What Types of Companies Have Female and Foreign Directors? (July 1, 2014). Crawford School Research Paper No. 04/2014. Available at SSRN: https://ssrn.com/abstract=2466787 or http://dx.doi.org/10.2139/ssrn.2466787

Masayuki Morikawa (Contact Author)

Research Institute of Economy, Trade and Industry (RIETI) ( email )

1-3-1 Kasumigaseki
Chiyoda-ku
Tokyo 100-8901
Japan

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