여성 근로자 비중이 경영성과 및 기업가치에 미치는 영향 : 기업 문화에 따른 차별적 영향

As women become more active in society, companies are increasing their female worker proportion. But, due to the stereotypes about female workers and social recognition that they have responsibility for their families, the proportion of female workers in domestic companies is still low. However, when female workers are more likely to have a positive impact on the company because they have discriminative human resources from men, and can improve diversity and present new perspectives. Further, the positive effect of the female workers could be different depending on the culture of the corporation. This study empirically analyzed whether the proportion of females workers has an effects on business performance and firm value of KOSPI-KOSDAQ-listed companies in 2011, 2013 and 2015. The results show that the proportion of female workers has no significant effect on business performance but has a significantly positive effect on firm value. This can be interpreted that the human resources elements of female workers are not immediately reflected in their business, but they enhance the diversity within the organization and improve the firm value. As a result of interactive analysis with corporate culture variables, progressive and organized corporate culture enhances the positive effect of the proportion of female worker on firm value, but vertical corporate culture weakens. This result implies that female worker’s capability is differentiated depending on corporate culture. This study not only demonstrates the importance of female worker, but also suggests that corporate culture should be improved for female worker to maximize contribution to their firm.