Golfing CEOs

Izumi et al. (2023) document the existence of CEO gender homophily in firm-to-firm transactions, where CEOs of the same gender are more likely to trade more than those of the opposite gender, putting female CEOs at a disadvantage in a male-dominated business landscape. In this paper, we examine whether informal networking tools, in particular playing golf as a hobby, mitigate this disadvantage for female CEOs. Using a unique dataset that includes both CEO hobbies and detailed inter-firm networks, we show that playing golf does not benefit female CEOs in finding male business partners, while for male CEOs playing golf is associated with a higher share of trading with male CEOs. This result suggests that women’s participation in traditionally male-dominated socializing activities does not necessarily help them gain access to male business networks. • We explore if golf as a hobby helps female CEOs overcome barriers in networking with men. • We use a unique dataset on CEO hobbies and detailed inter-firm networks in Japan. • Playing golf does not help female CEOs find male business partners. • Male CEOs who play golf have a higher share of business with other male CEOs. • Women’s participation in male-dominated social activities doesn’t always improve access to male networks.