여성이사가 기업의 사회적 책임 성과에 미치는 영향

The purpose of this study is to empirically analyze the effect of the female directors on corporate social performance. Based on the samples of 600 firms that engaged in manufacturing industry, we conducted a FGLS regression for the period from 2013 to 2020. The results are as follows. First, the number of female directors have a positive effect on firms’ social performance. This implies that the more female directors on the board of directors, the more altruistic and active the tendency of women who value community values, thereby improving the firm’s social activities. Second, outside directors tend to enhance the female directors’ influence on corporate social performance. The result implies that outsider directors might support or enhance the relationship between female directors and corporate social performance by monitoring and encouraging firms to comply with regulations related to corporate social responsibility. Considering board gender diversity serves as an important issue around the world, our study are expected to complement the discussion of prior literature on the gender diversity of the board of directors, which has been mainly conducted in Western countries.