「Female Directors, Female Executives, and Post-IPO Challenges」
| 日時 | 2025年4月28日（月）13:10～14:50 |
|---|---|
| 開催方法 | ①対面 ＊開催場所は後日メールにてお知らせいたします。 ②Zoom＊お申込み完了の自動返信メールにて、参加用URLをお知らせいたします。 |
| 対象 | 学生・教職員・一般 |
| 講演者 | Yao-Min Chiang 氏 （Professor, Department of Finance, National Taiwan University） |
| 要旨 | This study investigates how the appointment of female directors and executives within the first two years after an IPO influences firm performance and governance. While IPO firms often lack female leadership before going public, many introduce female leaders soon after listing, possibly as part of corporate governance reforms. Newly public firms face significant post-IPO challenges, including poor long-term performance, heightened volatility, declining innovation, and shifting financial policies. We hypothesize that gender diversity enhances oversight, reduces information asymmetry, and improves strategic decision-making, thereby helping firms navigate these challenges. Using a sample of IPO firms, we examine the effects of gender diversity on stock performance (buy-and-hold abnormal returns, return volatility, and skewness), trading activity (zero-trading days, large return drops, and delisting rates), and financial outcomes (ROA, R&D investment, capital expenditure, financing, investment, and cash holdings). Our empirical strategy employs propensity score matching (PSM) and a difference-in-differences (DID) approach to compare IPO firms that appoint female leaders to those that do not. We also explore whether legal systems influence the impact of female leadership on firm performance. Our findings contribute to the literature on IPOs, corporate governance, and gender diversity by providing insights into how female leadership can enhance post-IPO firm stability and growth. |
| 世話人 | 宮島 英昭 （早稲田大学商学学術院 教授） |
| 参加申し込み方法 | 参加はこちらからお申込みください。※4月24日（木）17:00締切 |
| その他 | 早稲田大学商学部・産業経営研究所・広田真一分科会 |
