Foreign investors and corporate social responsibility: evidence from the career advancement of women in Japan

I examine whether foreign investors invest in firms that encourage the career advancement of women by using data from a sample of Japanese firms during the period 2008-2011. First, I find that corporate governance reform and work-life balance practices facilitate the promotion of women to higher positions in firms. Furthermore, I find that foreign investors hold more shares of firms that encourage the career advancement of women. Overall, these results indicate that the career advancement of women, as a part of corporate social responsible activities, benefits foreign investors.