The impact of female board directors on effective investment management: evidence from Korean firms
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Kwon, HyukJun | - |
dc.contributor.author | Moon, Changjin | - |
dc.contributor.author | Kim, Jinhwan | - |
dc.date.accessioned | 2023-08-07T02:40:36Z | - |
dc.date.available | 2023-08-07T02:40:36Z | - |
dc.date.issued | 2023-06 | - |
dc.identifier.issn | 1754-2413 | - |
dc.identifier.issn | 1754-2421 | - |
dc.identifier.uri | https://scholarworks.bwise.kr/sch/handle/2021.sw.sch/22565 | - |
dc.description.abstract | Purpose Board gender diversity is an important component of sound corporate governance. This paper aims to examine the influence that female board directors in listed firms in Korea have on effective investment decisions.Design/methodology/approach The authors used 4,117 data items related to finance and governance from FnGuide for listed Korean firms between 2014 and 2019. The authors analyzed the data using Heckman's two-stage regression, controlling the ordinary least square regression and endogeneity, to resolve the problem of selection bias. Gender diversity was measured using the existence/absence of female directors on boards (dummy variable) and the ratio of female directors on boards (BLAUt-1 index and SHANNONt-1 index).Findings Female board directors influenced the suppression of under-investment for the enhancement of corporate value, but not the suppression of over-investment. Additionally, female directors played a complementary role in under-investment to mitigate corporate risk, but not in intra-industry competition. Kanter's classification of board types indicated that the skewed board and tilted board have a significant effect on under-investment and play a complementary role in corporate risk.Research limitations/implications First, this study is about only Korean firms. Second, this study relies on corporate actual data but does not account for the factors that affect human behavior or how such behaviors can evolve. Third, the authors included as many appropriate variables as possible when setting the research model, but there may be missing correlation variables.Social implications The authors' results have policy implications, as they can be used as a basis to establish policies related to gender diversity in Korea, where there are currently insufficient empirical studies on women's participation on the boards of directors. Moreover, with the amended FISCMA, which mandates that firms must hire at least one female director, Korean firms need to implement practical employment policies that can benefit firms, by selecting capable female directors rather than engaging in tokenism.Originality/value This study empirically examines gender diversity in the boards of Korean firms that have implemented the female quota system for the first time and considers female board directors' roles in undertaking effective corporate investment decisions. This insight can guide change management and help firms avoid tokenism - a possible corporate response to pressures arising from the debates about feminism in Korea and gender diversity legislation. | - |
dc.format.extent | 25 | - |
dc.language | 영어 | - |
dc.language.iso | ENG | - |
dc.publisher | Emerald Group Publishing Ltd. | - |
dc.title | The impact of female board directors on effective investment management: evidence from Korean firms | - |
dc.type | Article | - |
dc.publisher.location | 영국 | - |
dc.identifier.doi | 10.1108/GM-04-2022-0131 | - |
dc.identifier.scopusid | 2-s2.0-85152031998 | - |
dc.identifier.wosid | 000967831700001 | - |
dc.identifier.bibliographicCitation | Gender in Management, v.38, no.6, pp 705 - 729 | - |
dc.citation.title | Gender in Management | - |
dc.citation.volume | 38 | - |
dc.citation.number | 6 | - |
dc.citation.startPage | 705 | - |
dc.citation.endPage | 729 | - |
dc.type.docType | Article; Early Access | - |
dc.description.isOpenAccess | N | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalResearchArea | Women's Studies | - |
dc.relation.journalWebOfScienceCategory | Business | - |
dc.relation.journalWebOfScienceCategory | Management | - |
dc.relation.journalWebOfScienceCategory | Women's Studies | - |
dc.subject.keywordPlus | PRODUCT MARKET COMPETITION | - |
dc.subject.keywordPlus | GENDER DIVERSITY | - |
dc.subject.keywordPlus | CRITICAL MASS | - |
dc.subject.keywordPlus | CORPORATE GOVERNANCE | - |
dc.subject.keywordPlus | UNCERTAINTY | - |
dc.subject.keywordPlus | PERFORMANCE | - |
dc.subject.keywordPlus | WOMEN | - |
dc.subject.keywordPlus | RISK | - |
dc.subject.keywordPlus | FINANCE | - |
dc.subject.keywordPlus | COSTS | - |
dc.subject.keywordAuthor | Gender diversity | - |
dc.subject.keywordAuthor | Female directors | - |
dc.subject.keywordAuthor | Corporate governance | - |
dc.subject.keywordAuthor | Investment efficiency | - |
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.
(31538) 22, Soonchunhyang-ro, Asan-si, Chungcheongnam-do, Republic of Korea+82-41-530-1114
COPYRIGHT 2021 by SOONCHUNHYANG UNIVERSITY ALL RIGHTS RESERVED.
Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.