이사회 다양성과 기업성과
Board Diversity and Firm Performance
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참고문헌
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초록
본 연구는 한국 제조업체 이사회의 다양성이 기업성과에 미치는 영향을 분석하였다. 이사회를 구성하는 이사들의 나이, 출신대학, 전공을 중심으로 이사회 구성의 다양성을 파악하였고, 각 기준별로 2개씩의 다양성 지표를 산출하여 총 6개(사내이사와 사외이사를 구분한 것까지 합하면 18개)의 다양성 지표를 중심으로 이들과 기업성과와의 관계를 살펴보았다. 분석 결과 다음과 같은 두 가지 결과를 얻었다. 첫째, 이사회의 규모가 커진다고 해서 반드시 이사회의 다양성이 증가하지 않았다. 이는 이사회 규모의 적정성에 대한 논의에서 이사회의 규모가 커질수록 이사회의 다양성이 증가하고 이로 인하여 기업성과가 향상된다는 일련의 주장이 한국 기업에는 적용되지 않는다는 것을 의미한다. 둘째, 나이 및 출신 대학의 다양성은 기업의 성과에 아무런 영향을 끼치지 않는 반면, 전공의 다양성은 그 다양성이 커질수록 기업의 성과에는 음의 효과가 발생한다는 것이 확인되었다. 이는 전공의 다양성으로부터 오는 긍정적인 효과보다는 의사결정의 합의 및 조율의 어려움이 오히려 더 크다는 것으로 해석될 수 있다.
Abstract
This study investigates the effect of board diversity on firm performance in Korean manufacturing firms. Board diversity is defined in terms of the composition of directors’ age, university, and academic major and six diversity indices are adopted for this analysis. First, it is found that increase in board size does not lead to increase in board diversity. This finding shows that the positive relationship between board size and board diversity that previous papers have asserted does not apply to Korean firms. Second, diversity in directors’ academic majors is found to affect firm performance negatively; however, diversity in terms of age and university are not found to affect firm performance.
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