위미노믹스가 기업 성과에 미치는 영향

The Impact of Womenomics on Firm Performance

Purpose This study seeks to explore the impact of womenomics on firm performance by focusing on the middle- and lower-level female workforce. This study extends the extant literature based on corporate upper echelons theory. Design/Methodology/Approach This study constructs the concept of womenomics using survey data of the Korean Women Manager Panel, and performs multiple regression and tobit regression analyses to verify the impact of womenomics on firm performance. The variable of womenomics was measured with the female employee ratio, full-time female employee ratio, non-regular female employee ratio, total remuneration to female employees, and female wage per capita. Firm performance was measured as the return on equity and three years average of sales growth. Findings This study documents that while womenomics variables are not related to ROE in terms of firm profitability, they are partially positively related to the long term growth rate. The female employee ratio and total remuneration to female employees were negatively related to sales growth. However, the full-time female employee ratio was positively related to sales growth. Research Implications The results of this analysis do not support the relationship between womenomics and firm profitability. However, we find evidence of a positive relationship between the full-time female employee ratio and sales growth, implying that full-time employment for female workforce enhances firm’s growth in the long term.