{"id":4795,"date":"2025-04-09T11:50:08","date_gmt":"2025-04-09T02:50:08","guid":{"rendered":"https:\/\/www.waseda.jp\/fcom\/riba\/?p=4795"},"modified":"2025-04-09T11:53:15","modified_gmt":"2025-04-09T02:53:15","slug":"2025%e5%b9%b44%e6%9c%8828%e6%97%a5%e6%9c%88-%e3%81%ab%e7%94%a3%e7%a0%94%e8%ac%9b%e6%bc%94%e4%bc%9a%e3%80%8cwaseda-organizational-and-financial-economics-seminar%ef%bc%9afemale-directors-female-exec","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fcom\/riba\/news\/4795","title":{"rendered":"2025\u5e744\u670828\u65e5(\u6708) \u306b\u7523\u7814\u8b1b\u6f14\u4f1a\u300cWaseda Organizational and Financial Economics Seminar\uff1aFemale Directors, Female Executives, and Post-IPO Challenges\u300d\u304c\u958b\u50ac\u3055\u308c\u307e\u3059\u3002"},"content":{"rendered":"

\u300cFemale Directors, Female Executives, and Post-IPO Challenges\u300d<\/h3>\n
\n\n\n\n\n\n\n\n\n\n
\u65e5\u6642<\/th>\n2025\u5e744\u670828\u65e5\uff08\u6708\uff0913:10\uff5e14:50<\/td>\n<\/tr>\n
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\u8b1b\u6f14\u8005<\/th>\nYao-Min Chiang \u6c0f
\n\uff08Professor, Department of Finance, National Taiwan University\uff09<\/td>\n<\/tr>\n
\u8981\u65e8<\/th>\nThis 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.
\nUsing 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.<\/td>\n<\/tr>\n
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\u300cFemale Directors, Female Executives, and Post-IPO Challenges\u300d \u65e5\u6642 2025\u5e744\u670828\u65e5\uff08\u6708\uff0913:10\uff5e14:50 \u958b\u50ac\u65b9\u6cd5 \u2460\u5bfe\u9762 \uff0a\u958b\u50ac\u5834\u6240\u306f\u5f8c\u65e5\u30e1\u30fc […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[24],"class_list":["post-4795","post","type-post","status-publish","format-standard","hentry","category-news","tag-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/4795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/comments?post=4795"}],"version-history":[{"count":2,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/4795\/revisions"}],"predecessor-version":[{"id":4798,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/4795\/revisions\/4798"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/media?parent=4795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/categories?post=4795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/tags?post=4795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}