Does the appointment of a female CEO affect the female representation in corporate boards of firms under it in the case of Singapore’s Temasek Holdings?

Abstract

This study examines the relationship between the appointment of a female CEO in a parent company and the probability of women being appointed in the corporate boards of firms under it, in the context of Singapore. An analysis was conducted based on the appointment of Ho Ching as the CEO of Temasek Holdings in 2004, and the probability of the subsequent appointments of female directors in the firms under it. The results show that the appointment of a female CEO in the parent company has a positive effect on the propensity of female directors appointed in the daughter firms thereafter. Also, these women appeared to be involved in board matters and were not elected merely as figureheads in the boards.