여성이사가 기업 가치(Tobin Q)에 미치는 영향：이사회의 성별 다양성을 중심으로

[Purpose]This paper examines the relationship between corporate values and gender diversity of the board of directors of Korean firms. To that end, a total of 4,117 non－financial firms listed on the KOSPI between 2014 and 2019 were selected as samples. Over the period, the growth rate of female directors on the board of directors was over 178%. Despite this increase, the proportion of female directors in Korean companies is known to be lower than that of female directors in companies at the world level. [Methodology]Panel data were used to analyze research models, and two statistical methods were utilized for analysis. First, a two－step instrumental variable(Ⅳ) regression was carried out to examine whether gender diversity(e.g. measured by the percentage of female directors on the board, the BLAU index, and the SHANNON index) affects firm value. The first stage of instrumental variable(Ⅳ) regression was based on general least squares (OLS) regression, and the second stage applied a generalized moment method(GMM). [Findings]The results indicate that gender diversity, measured by the percentage of women on the board and the BLAU and SHANNON indexes, exerts a negative impact on corporate values, while female directors are likely to be hired for large board members. [Implications]The present research suggests that while gender diversity is not yet positive, but increasing female directors on the board could bring economic benefits to investors. Thus, the increased gender diversity of the board indicates that it is important to consider the balance of men and women on the board and to employ them based on social and labor justice and expertise rather than tokenism or external coercion(e.g. by law).