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여성의 이사회 참여가 연구개발투자와 기업가치에 미치는 영향

Effects of Female Directors on the Board on R&D Investment and Firm Value

이윤근|문창진|이상철
한국공인회계사회 (THE KOREAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS)|2020.09|회계ㆍ세무와 감사 연구 (Study on Accounting, Taxation & Auditing)|제62권 제3호|pp. 119-170|DOI 10.22781/kicpa.2020.62.3.119

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참고문헌

키워드

기업가치R&DFirm Value연구개발투자여성의 이사회 참여여성이사의 특성Female Directors on the BoardCharacteristics of Female Directors
주제분류회계학

초록

본 연구는 국내 유가증권 상장기업을 대상으로 여성의 이사회 참여여부가 연구개발투자에 영향을 미치고 그 결과 기업가치가 높아지는지 검증하였다. 그리고 여성이사가 이사회에 참여하는 기업을 대상으로 연구개발투자에 영향을 미치는 여성이사의 특성을 분석하였다. 2014년에서 2018년까지 한국거래소 유가증권시장에 상장된 비금융기업 가운데 관리종목에 해당하는 기업과 자본잠식 기업을 제외한 3,540개 기업-년 자료를 표본으로 선정하여 분석을 실시한 결과, 다음과 같은 결과를 얻었다. 첫째, 여성의 이사회 참여여부가 기업의 연구개발투자를 높이고, 그 결과 기업가치가 높아지는 것으로 나타났다. 이러한 결과는 연구개발투자가 여성의 이사회 참여여부와 기업가치 사이에서 매개변수로서 역할을 수행하고 있다는 것을 의미한다. 둘째, 여성이사가 이사회에 참여한 기업을 대상으로 분석을 실시한 결과, 여성사외이사가 존재하는 경우, 여성이사의 전문성이 높은 경우, 여성이사의 재임기간이 긴 경우 그리고 여성이사의 참석률이 높은 경우 연구개발투자가 높은 것으로 나타났다. 이러한 결과는 이사회에 참여하는 여성이사의 독립성, 전문성, 활동성 및 재임기간이 연구개발투자에 긍정적인 영향을 미친다는 것을 나타낸다. 본 연구는 여성의 이사회 참여로 인한 실증적인 효과가 미미한 한국적 상황에서, 정책당국이 여성이사와 관련한 정책을 수립하기 위한 근거로 활용할 수 있으며, 여성이사를 선임하는 기업이 경우 여성이사의 특성을 효과적인 이사회를 구성하기 위한 근거로 활용할 수 있다는 점에서 실무적인 의의를 찾을 수 있다.

Abstract

This study examines whether the existence of female directors on the board enhances R&D investment of the firm, thus increasing firm value. In addition, the study investigates the relationship between characteristics of female directors on the board and R&D investment. Analyzing 3,540 non-financial firm-year data listed on the Korea Stock Exchange from 2014 to 2018, we find that the existence of female directors on the board has a positive effect on R&D investment, thereby increasing firm value. These results imply that R&D investment plays an important mediating role in the association between the existence of female directors on the board and firm value. In addition, we find that the characteristics of female directors such as the existence of female outside directors, expertise, attendance rate and tenure have the positive effects on R&D investment. These test results indicate that if the firm’s R&D investment is affected by the characteristics of female directors such as the existence of female outside directors, expertise, attendance rate and tenure. The test results of this study will provide not only companies with significant opportunities to construct a more desirable board of directors but also regulatory agencies with the specific guidelines for policies related to female directors in Korea. At the same time, this study will contribute to future studies on the characteristics of female directors determining the monitoring role of the board.

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