여성의 TMT 참여가 중국 상장기업의 가치에 미치는 영향

• 영문명: The Impact of Female TMT Participation on the Firm Value of Chinese-Listed Companies
• 발행기관: 한국무역연구원
• 저자명: 왕적(Wang Di) 최향미(Hyang-Mi Choi) 전찬구(Chan-Gu Jeon)
• 간행물 정보: 『무역연구』제16권 제2호, 475~490쪽, 전체 16쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2020.04.30

영문 초록

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.

목차

Ⅰ. 서론

Ⅱ. 선행연구 및 연구가설

Ⅲ. 연구방법론

Ⅳ. 실증분석 결과

Ⅴ. 결론 및 시사점

키워드

Board Composition Director’s Education Female CEO Female Directors Firm Value