이사회 내 여성 임원의 수가 기업 투명성에 미치는 영향

The purpose of this study is to examine whether gender diversity on the board increase corporate transparency. We investigate the effect of the number of female directors on discretionary accruals by using the sample consist of non-banking firms(647 firms) listed on the Korean Stock Exchange in 2013. Empirical results are as follow. First, our results using Heckman(1979) two stage method to control firm characteristics suggest no significant relationship between the number of female directors on the board and discretionary accruals. Second, the interaction term of the number of female directors on the board and corporate governance level has the significantly negative association with discretionary accruals. Third, the results using subsample of corporate governance level suggest that the number of female directors on the board has the significantly negative association with discretionary accruals in the strong corporate governance subsample while the interaction term of the number of female directors on the board and corporate governance level has the significantly negative association with discretionary accruals in the weak corporate governance subsample. These results suggest female directors on the board are effective in improving corporate transparency when corporate governance is strong. This study contributes to accounting research in terms of an empirical research of gender diversity on the board and corporate transparency.