여성임원의 경제활동이 재무성과에 미치는 효과 분석
A Study on the Economic Impact of Female Representation
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본 연구는 여성의 경제활동이 가계ㆍ기업ㆍ사회에 미치는 영향을 알아보기 위해 여성임원의 경제활동과 기업의 재무성과 간 상관관계를 분석하였다. 기업의 이사회 구성과 관련된 여성임원 확대의 경제적 효과 분석을 위해 한국여성정책연구원의 「여성관리자패널조사」 7차 자료를 이용하였다. 분석결과에 따르면, 여성임원의 존재는 기업의 재무성과에 긍정적인 영향을 미치는 것으로 나타났다. 여성임원의 경제활동이 자본금순이익률과 매출액순이익률에 10% 유의수준에서 통계적으로 양(+)의 상관관계를 보였다. 이사회의 여성임원 확대가 기업의 재무성과에 미치는 영향을 분석하기 위해 여성 임원이 없는 기업과 여성임원의 구성이 상위 25%인 기업의 재무성과를 비교하였다. 여성임원의 비율이 상위 25%인 기업들의 매출액순이익률이 여성임원이 없는 기업들의 매출액순이익률보다 28%p 높은 것으로 나타났다. 즉, 여성임원 비율이 높을수록 기업의 재무성과가 높다는 것이다. 이러한 연구결과는 기업 성장과 국가경쟁력 강화를 위해 여성대표성 제고를 위한 구체적인 실천방안이 필요하다는 정책적 시사점을 제시한다.
Abstract
This paper analyzes the effectiveness of the economic impact of female representation on corporate boards to find out the effect of raising female labor force participation on households, firms and society. Using data from the 7th Korean Women Manager Panel(KWMP) Survey at the Korean Women’s Development Institute, we find that the presence of female executives in firms positively affects financial performance. Both net income to capital stock and net income to sales are positively related with gender board diversity and statistically significant at the 10% level. We compare the relationship between diverse leadership and corporate performance of companies with no women on boards and top 25% companies with women on boards. Top 25% firms with women on boards have on average 28% points higher net income to sales than those with no women on the board. The major finding of this paper is that firms with women on boards have higher rates of financial performance than those without. Consequently, the more women on boards, the higher the financial performance. This result suggests that the introduction of mandatory allocation of gender representation on boards may improve firm performance in South Korea.
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