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이사회 내 여성멤버가 M&A(인수․합병) 완료 의사결정에 미치는 영향

The Effects of Female Board Members on M&A(Merger & Acquisition) Completion

임미희|이지환
한국전략경영학회 (Korean Strategic Management Society)|2019.08|전략경영연구 (Journal of Strategic Management)|제22권 제2호|pp. 21-41|DOI 10.17786/jsm.2019.22.2.002

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이사회포기Board of DirectorsAbandonmentCompletion완료이사 겸직여성이사Multiple DirectorshipM&A(인수․합병)Female DirectorsM&A(merger and acquisition)
주제분류경영학

초록

본 연구는 집단 역학(groups dynamics)에 관한 이론적 고찰을 토대로, 이사회 내 여성멤버가 기업의 M&A(인수․합병) 의사결정에 미치는 영향을 파악하는 데 목적을 두고 있다. 특히 M&A 관련 의사결정의 다양한 측면 가운데, 공표된 거래의 1) 완료 여부(deal resolution)와 2) 완료기간(deal duration)에 초점을 맞추어 연구를 진행했다. 1999년부터 2013년까지 713개 미국 기업에 의해 수행된 1,018개 거래를 대상으로 실증연구를 수행한 결과, 이사회 내 여성이사가 많을수록 M&A 완료 가능성은 낮아지고 완료 의사결정에 이르는 시간은 늘어나는 것으로 나타났다. 하지만 M&A 완료 가능성에 대한 여성이사의 효과는 그들의 외부기관 겸직이 증가함에 따라 약화되는 경향이 드러났다. 이와 같은 결과는 여성이사의 존재가 이사회의 신중한 의사결정을 유도할 수 있으나, 여성이사가 해당 이사회에 대해 갖는 몰입도가 낮은 상황에서는 그 효과가 약화됨을 보여준다. 본 연구는 여성이사의 수와 겸직 여부가 기업의 주요 의사결정에 영향을 미치는 이론적 기반과 실증적 결과를 제시함으로써 최근 기업지배구조 개선의 주요한 이슈로 부상하고 있는 성별 다양성(gender diversity)에 관한 학술적, 이론적 시사점을 제공한다.

Abstract

Grounded upon the theoretical considerations of group dynamics, this study explores the effects of female directors on M&A (merger and acquisition) decisions. Among the specific dimensions of decision- making on M&A transactions, we focus on 1) the resolution (completion versus abandonment) of an announced deal, and 2) the duration between announcement and resolution of a deal. Using a sample of 1,018 domestic acquisitions made by 713 US firms during the 1999～2013 period, we find that female directors on a board decrease the likelihood of deal completion, and increase the time spent to reach completion. We also find that the impact of female directors on completion probability is weakened when they have multiple directorships in other organizations. These findings imply that the presence of female directors enhance the quality of board decision-making, but their impact can vary depending on the degree of their commitment to the boards.

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