Gender diversity in the boards and the pricing of publicly traded corporate debt: evidence from Japan
Takanori Tanaka
What the paper says
This article explores the impact of gender-diverse boards on the cost of publicly traded corporate debt. Using a sample of Japanese corporate bond issues, we find that firms with female outside directors enjoy lower cost of corporate public debt after controlling for corporate governance, bond and firm characteristics. In addition, the results using matching methods also show that the cost of corporate public debt is lower for firms with female outside directors. Overall, these findings indicate the importance of gender-diverse boards in corporate bond markets.
39 citations
Evidence weight
Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40
| F · citation impact | 0.82 × 0.4 = 0.33 |
| M · momentum | 0.78 × 0.15 = 0.12 |
| V · venue signal | 0.50 × 0.05 = 0.03 |
| R · text relevance † | 0.50 × 0.4 = 0.20 |
† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.