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이사회 성별 다양성과 기관투자자가 기업 가치에 미치는 영향
전찬구(Chan-gu Jeon),최향미(Hyangmi Choi) 한국경영학회 2021 經營學硏究 Vol.50 No.4
The amended Act on Financial Investment Services and Capital Markets Act stipulates that listed firms with assets of 2 trillion won or more should have at least one woman on their boards. This study aims to explore the impact of board gender diversity on firm value and the role of institutional blockholders on the relationship. The results are as follows. First, the board gender diversity is positively related to firm value regardless of markets, firm size, industry. Second, foreign blockholders reinforce the positive relationship between board gender diversity and firm value, while domestic blockholders mitigate the relationship. Third, board gender diversity and firm value has an inverted U shape relationship. Firm value increases with the proportion of female directors to a certain level, after which it decreases. The optimal board structure was reached when the ratio of female directors was between 18 and 44 percent, up to conditions. This finding provides an insightful grounds on the effectiveness of the revised Act, regarding appointment of female directors and gives a guideline for policy makers by suggesting optimal level of board gender structure.
여성의 TMT 참여가 중국 상장기업의 가치에 미치는 영향
왕적(Wang Di),최향미(Hyang-Mi Choi),전찬구(Chan-Gu Jeon) 한국무역연구원 2020 무역연구 Vol.16 No.2
Purpose– This study aims to explore the impact of female TMT participation on the firm value of Chinese-listed companies by categorizing female TMT participation into four attributes which include the presence of the female CEO, the ratio of female directors, the ratio of female outside directors and female directors’ education level. Design/methodology/approach–Using longitudinal data for the period from 2007 to 2016, this study carried out GLS panel regression analysis to verify the impact of female TMT participation on firm value. Robustness tests using lagged variables were carried out to examine the effect of female TMT participation. Findings–Results revealed that the presence of a female CEO and the ratio of female directors do not have a significant relationship with the firm value of the Chinese-listed companies. However, the ratio of female outside directors and female directors’ education level have a positive impact on the firm value. This result remains consistent with different measures of firm value over time. Research implications or Originality–This study provides clues to the extant diverse findings regarding the impact of female board composition on firm value. It revisits the value of board independence and expertise improved by gender diversity in enhancing firm value.