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대리인문제와 외부감시주체가 여성의 이사회 참여에 미치는 영향
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Publication Year
2021-12
Journal
경영학연구
Publisher
한국경영학회
Citation
경영학연구, Vol.50 No.6, pp.1535-1570
Keyword
agency problemoutside monitorsthe participation of female directors on the boardcharacteristics of female directors.
Abstract
This study examines the effects of agency problems and outside monitors on the participation of female directors on the board of directors. Analyzing 3,540 non-financial firm-year data listed on the Korea Stock Exchange from 2014 and 2018, we find that women's participation on the board of directors increases in the case of non-owner managed firm with high agency problems between shareholders and managers. We also unveil that when the monitoring incentives of outside monitors such as outside directors, foreign investors and institutional investors increase, the participation of female directors on the board of directors is likely to increase. Furthermore, analyzing 368 non-financial firm-year data of female directors on the board of directors, we find that non-owner manager, affiliated firm of large business groups, the ratio of outside directors on the board of directors and the ownership of both foreign investors and institutional investors have a positive effects on the characteristics of female directors such as the existence of female outside directors, expertise, attendance rate and tenure. The test results of this study indicate that if either agency problems or monitoring incentives of outside monitors are higher, the participation of female directors on the board of directors is likely to increase.
ISSN
1226-1874
Language
Kor
URI
https://aurora.ajou.ac.kr/handle/2018.oak/35501
DOI
https://doi.org/10.17287/kmr.2021.50.6.1535
Type
Article
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Lee, Yun Keun이윤근
Department of Global Business
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