The paid acquisition rate of retail business and the contribution of female executives to corporate performance

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Other Title
  • 小売業の有給取得率と女性役員の企業業績への貢献
  • コウリギョウ ノ ユウキュウ シュトクリツ ト ジョセイ ヤクイン ノ キギョウ ギョウセキ エ ノ コウケン

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Abstract

In the analysis in the first half of this study, we focused on the retail industry and the chemical industry as industries in which women play an active role, and also considered the steel industry as a reference group. The relationship among female employee ratio, female manager ratio, and female employee ratio was verified by the least squares method (OLS). As a result of the analysis, we succeeded in showing that the decrease in the paid acquisition rate in the retail industry increases the ROA at the 5% level significant. We have also confirmed that there is the female manager ratio that maximize ROA. Then, as a result of trying to verify the relationship between the utilization of women and corporate performance by the two-step least squares method (2SLS), which suspected a simultaneous bias, it became clear that it was a fake correlation. Therefore, in the latter half, the analysis target is expanded to all listed companies, and the analysis by OLS is tried again. As a result, an OLS analysis of all listed companies, which was attempted as an additional verification, found no record of improving ROA by increasing the ratio of female directors. However, investors' evaluation of the rise in the ratio of female directors was favorable, and we derived the result that Q improves when the ratio rises.As a future issue, the verification results based on OLS attempted on all listed companies should be reviewed again by 2SLS. And I would like to clarify whether the influence of women's advancement on corporate performance is a fake correlation.

Journal

  • Economic Studies

    Economic Studies 71 (2), 53-79, 2021-12-14

    北海道大学大学院経済学研究院

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