이사회 내 여성 임원의 수가 기업 투명성에 미치는 영향 = The Effects of the Number of Female Directors on the Board to Corporate Transparency

국문 초록 (Abstract)

본 논문은 이사회 구성원의 성별 다양성이 기업 투명성에 영향을 미치는지 실증적으로 검증하는데 목적이 있다. 이를 위해 2013년 유가증권 상장기업 중 금융업에 속하지 않는 647개 기업의 자료를 이용하여 이사회 내 여성 임원의 수가 재량적 발생액에 미치는 영향을 분석하였다.
본 연구의 주요 결과는 다음과 같다. 첫째, 여성 임원에 대한 기업의 특성에 따른 영향을 통제하기 위해 Heckman(1979)의 2단계 추정방법을 이용한 결과, 이사회 내 여성 임원의 수와 재량적 발생액 사이에는 통계적으로 유의한 관계가 발견되지 않았다. 둘째, 기업지배구조를 고려하기 위해 감사위원회 설치 유무, 사외이사 비율, 기업지배구조 등급을 이용하여 분석한 결과, 지배구조가 강하고 이사회 내 여성 임원의 수가 많을수록 재량적 발생액이 낮아지는 것으로 나타났다. 셋째, 표본을 기업지배구조가 강한 그룹과 약한 그룹으로 나누어 분석한 결과, 기업지배구조가 강한 그룹에서는 지배구조의 수준에 상관없이 여성 임원의 수가 많을수록 재량적 발생액은 낮아지고 기업지배구조가 약한 그룹에서는 지배구조가 강하고 여성 임원의 수가 많을수록 재량적 발생액이 낮아지는 것으로 나타났다.
이러한 결과는 강한 지배구조를 갖춘 기업에서는 여성 임원의 이사회 참여가 회계 투명성 강화에 기여한다는 것으로 해석될 수 있다. 기업에 고위 관리직으로의 여성 진출을 제고하라는 사회적 요구가 있는 상황에서 이사회의 성별 다양성과 기업 회계 투명성에 대한 실증적인 증거를 제시했다는 것이 본 연구의 성과라 할 것이다.

다국어 초록 (Multilingual Abstract)

The purpose of this study is to examine whether gender diversity on the board increase corporate transparency. We investigate the effect of the number of female directors on discretionary accruals by using the sample consist of non-banking firms(647 firms) listed on the Korean Stock Exchange in 2013.
Empirical results are as follow. First, our results using Heckman(1979) two stage method to control firm characteristics suggest no significant relationship between the number of female directors on the board and discretionary accruals. Second, the interaction term of the number of female directors on the board and corporate governance level has the significantly negative association with discretionary accruals. Third, the results using subsample of corporate governance level suggest that the number of female directors on the board has the significantly negative association with discretionary accruals in the strong corporate governance subsample while the interaction term of the number of female directors on the board and corporate governance level has the significantly negative association with discretionary accruals in the weak corporate governance subsample.
These results suggest female directors on the board are effective in improving corporate transparency when corporate governance is strong. This study contributes to accounting research in terms of an empirical research of gender diversity on the board and corporate transparency.

목차 (Table of Contents)

• 〈국문초록〉
• 〈Abstract〉
• Ⅰ. 서론
• Ⅱ. 선행연구와 연구가설
• Ⅲ. 연구모형 및 표본의 선정
• Ⅳ. 실증 분석 결과
• Ⅴ. 결론
• 참고문헌

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