Board gender diversity and default risk in a bank-based financial system: A pre-registered report

This pre-registered report investigates the mitigating effect of board gender diversity on default risk in Japanese firms. We will also examine the potential mitigating effect of close bank-firm relationships on default risk. Importantly, we seek to determine whether women on boards (WOB) complements or substitutes bank monitoring in mitigating the default risk in the bank-based (financial) system. Our study will provide insight into the regulatory discussions concerning the Corporate Governance (CG) code, which seeks to enhance WOB and contribute to the debate on “who are the effective monitors in mitigating default risk” in a bank-based system.