이사회의 성별다양성이 기업의 원가행태에 미치는 영향

[Purpose]This study examined whether gender diversity of the board of directors has the effect of monitoring managers’ pursuit of private interests through the analysis of the relationship between gender diversity of the board and cost stickiness. [Methodology]For this purpose, this paper conducted a study by sampling listed corporations operating the manufacturing industry from 2014, which the gender information on executives became available, to 2019. This study is based on the model suggested by Anderson et al.(2003). We used presence of female executives, presence of female directors on the board, and female presence among outside directors and internal auditors as variables of interest that can affect asymmetric cost behavior of companies. [Findings]This study found that the presence of female directors on the board strengthens the downward rigidity of SG&A. This result is contrary to the results of previous studies that the presence of female executives contributes to the independence of the board and accounting. [Implications]This study provides implications for future studies on the various effects and limitations of female executives on companies in conjunction with the female director quota system, which has been implemented in earnest since this year.