The Collaborative International Dictionary of English v.0.48:

Effeminacy \Ef*fem"i*na*cy\, n.; pl. Effeminacies. [From
   Effeminate.]
   Characteristic quality of a woman, such as softness,
   luxuriousness, delicacy, or weakness, which is unbecoming a
   man; womanish delicacy or softness; -- used reproachfully of
   men. --Milton.
   [1913 Webster]

WordNet (r) 3.0 (2006):

effeminacy
    n 1: the trait of being effeminate (derogatory of a man); "the
         students associated science with masculinity and arts with
         effeminacy"; "Spartans accused Athenians of
         effeminateness"; "he was shocked by the softness of the
         atmosphere surrounding the young prince, arising from the
         superfluity of the femininity that guided him" [syn:
         effeminacy, effeminateness, sissiness, softness,
         womanishness, unmanliness]