How Do Japanese Investors Respond to Gender-Related News Communications?

Abstract

This chapter focuses on gender diversity as one of the most meaningful consequences of CSR, reflecting on the circumstance that Japan is still developing in terms of gender equality challenges. The aim of this chapter is to explore the association between investors' reactions and the release of gender-related news of Japanese companies using an event study methodology. With a large and original CSR news dataset collected from well-known Japanese financial newspapers by the author, a major finding of the analysis is that Japanese investors' views on gender diversity are still developing but changing. After 2016, investors began to react favorably to gender-related announcements, indicating a shift in investor perception. The findings will have important implications not only for Japanese corporate executives and politicians but also for those from other nations with similar cultural backgrounds in terms of gender.