IDEAS home Printed from https://ideas.repec.org/a/ebl/ecbull/eb-13-00686.html
   My bibliography  Save this article

Stock market response to women's active participation in Japan: an event study analysis on a disclosing policy

Author

Listed:
  • Nahoko Mitsuyama

    (Waseda University)

  • Satoshi Shimizutani

    (Institute for International Policy Studies)

Abstract

While the government encourages women's active participation in the economy, the evidence on the causal relationship of female participation to firm performance has been relatively unsupported in Japan. This study examines the short-term stock market response to a disclosure policy, i.e., the announcement of a collection of firms designated the “Nadeshiko Brand” that are considered to encourage women's involvement in business among the companies listed on the Tokyo Stock Exchange. Our findings based on event study analysis reveal that the stock price responded positively and significantly to the Brand announcement in three of the 17 firms on a daily basis but the effect was temporary. Judging from these results, it can be said that overall the stock market did not respond to the announcement of Nadeshiko Brand.

Suggested Citation

  • Nahoko Mitsuyama & Satoshi Shimizutani, 2013. "Stock market response to women's active participation in Japan: an event study analysis on a disclosing policy," Economics Bulletin, AccessEcon, vol. 33(4), pages 2596-2606.
  • Handle: RePEc:ebl:ecbull:eb-13-00686
    as

    Download full text from publisher

    File URL: http://www.accessecon.com/Pubs/EB/2013/Volume33/EB-13-V33-I4-P244.pdf
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Nahoko Mitsuyama & Satoshi Shimizutani, 2019. "Male and Female Happiness in Japan During the 2000s: Trends During Era of Promotion of Active Participation by Women in Society," The Japanese Economic Review, Japanese Economic Association, vol. 70(2), pages 189-209, June.
    2. Nahoko Mitsuyama, 2013. "Stock Market Reaction to Patent Value in Japan: an Event Study Analysis," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 3(6), pages 1-12, December.

    More about this item

    Keywords

    Japan's stock market; women's active participation; event study; “Nadeshiko Brand”;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • J0 - Labor and Demographic Economics - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ebl:ecbull:eb-13-00686. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: John P. Conley (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.