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라틴아메리카 여성 오너 기업의 성과와 기업지배구조, 비공식적 경쟁의 관계: 멕시코와 콜롬비아 사례

Relations of corporate governance and informality to performance of female-owned Firms: Evidence from Colombia & Mexico

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초록

라틴아메리카는 다른 신흥시장에 비해서 여성 오너 기업(female-owned firms)의 비율이 높은 편이다. 기존 연구는 주로 여성 창업주의 창업 동기나 여성 오너 기업의 특징을 다루고 있어 여성 오너 기업이 성과에 영향을 주는 요인에 대한 이해하는 데 한계가 있었다. 특히, 신흥시장은 기업 지배구조가 열악하고 비공식성이 높다. 이에 본 연구에서는 기업지배구조와 비공식적 경쟁이 라틴아메리카 여성 오너 기업의 성과에 미치는 영향을 조사하였다. 세계은행 (World Bank)이 2010년 실시한 멕시코와 콜롬비아 기업설문 데이터 중 546개의 여성 오너 기업을 대상으로 실시한 결과, 남성 CEO, 외부 감사, 외국계 지분율은 성과에 긍정적인 영향을 주었다. CEO 성별에 비공식적 경쟁과의 상호작용은 유의미하지 않았다. 마지막으로, 본 연구 결과의 시사점과 향후 연구 방향에 대해서 논의하였다.

Abstract

This study aims to investigate how corporate governance and informal competition influence performance of female-owned firms in Latin America. To this end, this research used a sample of 546 female-owned businesses of Colombia and Mexico from World Bank Enterprise Survey dataset of 2010. Results show that male CEO, external audit, and foreign shareholding rate have a positive effect on sales. However, firms that have competitors in informal sectors tend to be negatively associated with sales. Also, the interaction effect between CEO gender and the informal competition on sales were not supported. Theoretical and practical implications are discussed.

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