국내 상장기업 감사의 성별이 기부금 지출에 미치는 영향
The Effects of Female Auditors on Corporate Philanthropic Expenditures in Korean Listed Firms
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여성은 남성과 상이한 가치, 태도 및 성향을 가지며 여성 고유의 가치, 태도 및 성향이 기업 의사 결정에 영향을 미친다는 논의를 바탕으로 본 연구에서는 국내 상장기업의 감사(내부감사기구)의 성별 특성이 기업의 자선 활동에 미치는 영향을 분석하고자 하였다. 이를 위해 국내 상장기업 중 감사를 설치한 제조 기업을 대상으로 2014년에서 2018년 기간 동안 기부금 지출 자료를 이용하여 여성감사가 기부금 지출에 미치는 영향에 대한 실증분석을 실시하였다. 실증분석의 결과는 다음과 같다. 국내 제조 기업에서 여성감사는 남성감사에 비해 기부금 지출 수준을 유의적으로 증가시키는 것으로 나타났다. 이러한 결과는 종속변수인 기부금 지출 수준을 매출 대비 기준, 자산 대비 기준, 종업원 인당 기준 등 3가지 수준으로 측정한 실증모형에서 모두 일관되고 유의미한(1% 및 0.1% 수준) 영향을 미치는 것으로 확인되었다. 본 결과는 이타적이고 공동체적 가치를 중시하는 여성이 감사로 선임되는 경우 기업의 지속가능한 성장을 위해 기업의 자선활동을 촉진시키는 것으로 해석할 수 있다. 본 연구는 국내기업의 내부감사기구로서 설치된 감사를 대상으로 감사의 성별 특성이 기업의 자선활동에 미치는 영향을 분석함으로써 그간 여성이사 또는 여성경영자에 제한되었던 관련 연구의 실증 대상을 확대하였다는 점에서 이론적 기여를 한다. 또한 자본시장법 개정을 통해 상장 대기업의 여성이사 선임 의무제 도입이 예정된 시점에서 본 연구결과는 관련 정책에 대한 생산적 논의를 위한 기초 자료를 제공한다는 점에서 실무적 시사점을 갖는다.
Abstract
Using 3,666 observations from 1,031 firms in Korean listed manufacturing firms during 2014 to 2018, the study examines the impact of female auditors on corporate philanthropic giving, based on literatures of cognitive psychology, behavioral economics and upper echelon that women are more ethical, altruistic and communal than men and that top managers’ value, attitude and experience make effects on their decision making. The major findings as follow: First, there is a positive relationship between the existences of female auditors and the extent of corporate philanthropic giving. The relation remains significant in all models where the extent of corporate philanthropic giving is measured differently in terms of the ratio of value of company donations to sales and assets, and the amount of company donations per employee as well, suggesting that female auditors promote socially responsible practices due to their benevolent and communal traits as well as their social orientation. Second, the positive relationship between the existences of female auditors and the extent of corporate philanthropic giving are dependent whether auditors are full-time employed or not, suggesting that when they are required to commit to their jobs fully, gender-based differences are realized. The results overall support that female auditors have positive effects on corporate philanthropic giving in Korean listed manufacturing firms. These findings have academic and practical implications for understanding the impact of female auditors on corporate social responsible practices including corporate philanthropic giving.
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