セミナーシリーズ
経営学セミナー（2025.12.12）
Renee Adams / Toru Yoshikawa（順に Professor,University of Oxford, Saïd Business School / Professor, Waseda University）
- 開催日：
- 2025年12⽉12日（金）13：15～16：30
- 場所：
- 京都大学 法経東館地下1階 SMBCホール
- 言語：
- 英語
- コーディネーター：
- チョルパン アスリ
【①報告】“Selection matters: The Case of Women in the Sustainable Governance Debate” Renee Adams
【②報告】”Exit of Female Directors: The Effects of Attributional Bias and Legitimacy Threat Mitigation Factors” Toru Yoshikawa
Abstract:
① Are female directors different than male directors? We argue the answer depends on the importance of selection and socialization. Using the World Value Survey and an international sample of roughly 1,000 directors, we provide evidence suggesting selection cannot be ignored. We then examine how directors’ shareholderism, their stances towards shareholders and stakeholders, varies with different director selection mechanisms. On average female directors are more shareholder-oriented than male directors, but primarily when stakeholders are contractually protected. Board diversity policies weaken this relationship, but do not overturn it. Our results suggest that acknowledging demand- and supply side influences may reduce stereotyping.
② This study examines whether female directors are less likely to experience exit than male directors. Because of institutional pressures for greater board gender diversity, we expect that firms are motivated to keep their female directors longer than male directors. We also investigate the impact of low firm performance as a key contingency which may affect female directors’ exit from a board. Further, we explore board- and individual-level factors that may moderate the relationship between female gender and low firm performance on exit of female directors. Using the notion of legitimacy buffer, we examine whether the presence of greater number of female directors compared to peer firms in the same industry as well as interlocked firms can present a legitimacy buffer leading to female director exit after performance decline. Finally, we investigate the moderating effects of female directors’ human and social capital, i.e., their board experience on their exit. All our hypotheses are supported; female directors are more likely to exit after low firm performance and this likelihood increases when firms have a legitimacy buffer. Yet, female directors’ human and social capital can reduce the likelihood of their exit after performance shortfall.
お問い合わせ先： colpan-secretary[at]mail2.adm.kyoto-u.ac.jp [at]を@と置き換えてください）