이사회 내 연령 및 연령다양성이 사회적 관계와 재무보고 품질에 미치는 영향

[Purpose] This study aims to empirically examine how the age and age diversity of board members influence the formation of social ties－namely, school and regional affiliations－and how these factors ultimately affect financial reporting quality. Moving beyond gender－based diversity, this study focuses on age as a human attribute and analyzes its role in shaping social ties as well as the board’s monitoring and advisory functions. [Methodology] The empirical analysis is based on a sample of manufacturing firms listed on the Korean Stock Exchange from 2012 to 2018. Age diversity is measured using the standard deviation of age among CEOs and outside directors. Social ties are classified into school ties and regional ties based on high school and provincial backgrounds, respectively. Financial reporting quality is assessed using accrual－ based earnings management. Regression analysis is conducted to investigate the impact of board age and diversity on social ties and reporting quality. [Findings] The results show that a higher average age of board members is associated with stronger school and regional ties. In contrast, greater age diversity weakens the formation of such ties and is associated with lower levels of earnings management. [Implications] The findings suggest that the age structure of the board significantly affects both the potential for social entrenchment and the quality of financial reporting. A diverse age composition may reduce social bonding and enhance the independence of outside directors. Therefore, age diversity should be considered a qualitative benchmark for board composition and can serve as a practical policy tool for improving corporate governance.