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Effects of Agency Problems and Outside Monitors on the Participation of Female Directors on the Board of Directors
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대리인문제와 외부감시주체가 여성의 이사회 참여에 미치는 영향

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Type
Academic journal
Author
Sang Cheol Lee (Ewha Womans University) Yunkeun Lee (Dongguk University-Seoul) Chang Jin Moon (Citibank)
Journal
Korean Academic Society Of Business Administration korean management review Vol.50 No.6 KCI Excellent Accredited Journal
Published
2021.12
Pages
1,535 - 1,570 (36page)
DOI
10.17287/kmr.2021.50.6.1535

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Effects of Agency Problems and Outside Monitors on the Participation of Female Directors on the Board of Directors
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Abstract· Keywords

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This study examines the effects of agency problems and outside monitors on the participation of female directors on the board of directors. Analyzing 3,540 non-financial firm-year data listed on the Korea Stock Exchange from 2014 and 2018, we find that women’s participation on the board of directors increases in the case of non-owner managed firm with high agency problems between shareholders and managers. We also unveil that when the monitoring incentives of outside monitors such as outside directors, foreign investors and institutional investors increase, the participation of female directors on the board of directors is likely to increase. Furthermore, analyzing 368 non-financial firm-year data of female directors on the board of directors, we find that non-owner manager, affiliated firm of large business groups, the ratio of outside directors on the board of directors and the ownership of both foreign investors and institutional investors have a positive effects on the characteristics of female directors such as the existence of female outside directors, expertise, attendance rate and tenure. The test results of this study indicate that if either agency problems or monitoring incentives of outside monitors are higher, the participation of female directors on the board of directors is likely to increase.
#agency problem #outside monitors #the participation of female directors on the board #characteristics of female directors

Contents

Ⅰ. 서론
Ⅱ. 선행연구검토 및 가설설정
Ⅲ. 연구 방법
Ⅳ. 실증분석
Ⅴ. 결론
참고문헌

References (75)

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Adams, R. / 2009 / Women in the Boardroom and Their Impact on Governance and Performance / Journal of Financial Economics 94(2):291~309 google schola Ang, J. S. / 2000 / Agency Costs and Ownership Structure / The Journal of Finance :81~106 google schola Ayuso, S. / 2007 / Responsible Corporate Governance: Towards a Stakeholder Board of Directors? / Paper presented at the 5th National Conference of Ethics of Economics and Organizations google schola Bacon, J. / 1973 / Conference Board Report / New York Inc google schola Bae, K. / 2002 / Tunneling or Value Added? Evidence from Mergers by Korean Business Groups / The Journal of Finance 57(6):2695~2740 google schola

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