This paper examines the effects of female chief executive officers (CEOs) on firm performance. Using data on nonfinancial listed firms in Japan, we show that only 0.8% of some 42,000 firm-year observations have female CEOs. There is also little evidence that firms appoint more females as CEOs during our sample period. While the stock market reacts positively to the introduction of a firm's first female CEO, the relationship between CEO gender and firm accounting performance is generally not strong. However, when we classify the type of female CEO, the estimated coefficient for a founder female CEO and Tobin's Q is positive and significant.

本文考察了女性首席执行官 (CEO) 对公司绩效的影响。我们使用日本非金融上市公司的数据表明，在大约 42,000 家公司年度观察中，只有 0.8% 的 CEO 是女性。在我们的样本期间，也几乎没有证据表明公司任命更多女性担任 CEO。虽然股市对公司首位女性 CEO 的引入反应积极，但 CEO 性别与公司会计绩效之间的关系普遍不强。然而，当我们对女性 CEO 的类型进行分类时，创始人女性 CEO 和托宾 Q 的估计系数为正且显着。