여성임직원비율과 여성직원 재직기간이 회계정보의주가관련성에 미치는 영향

The Effects of the Ratio of Female Executives and Staff Members and Female Employee’s Tenure on the Relevance of Stock Price

본 연구는 여성임직원비율과 여성직원 재직기간이 회계정보의 주가관련성에 미치는 영향을 검증하고자, 여성임직원비율의 고저의 차이와 여성직원 재직기간의 장단의 차이에 따라 회계정보의 주가관련성에 차이가 있는지를 분석하였다. 이를 검증하기 위해서, 본 연구는 2013년부터 2015년까지를 연구기간으로 하고 1,280개 기업/연도의 유가증권시장 상장기업을 표본으로 사용하여 분석하였다. 본 연구의 주요 분석결과는 다음과 같다. 첫째, 여성임원비율의 차이가 회계정보의 주가관련성에미친 영향을 분석한 결과, 여성임원비율이 높을수록 초과이익과 순자산의 주가관련성은 모두 높은것으로 나타났다. 둘째, 여성직원비율이 회계정보의 주가관련성에 미친 영향을 분석한 결과, 여성직원비율이 높을수록 초과이익의 주가관련성만 높은 것으로 나타났다. 셋째, 여성직원의 재직기간이 회계정보의 주가관련성에 미친 영향을 분석한 결과, 여성직원의 재직기간이 길수록 초과이익의주가관련성만 높은 것으로 나타났다. 넷째, 여성직원비율과 여성직원의 재직기간이 동시에 회계정보의 주가관련성에 미친 영향을 분석한 결과, 여성직원비율이 높으면서 동시에 여성직원의 재직기간이 긴 경우에도 초과이익의 주가관련성만 높은 것으로 나타났다. 본 연구는 여성임직원비율과 여성직원 재직기간의 차이에 따라 회계정보의 주가관련성에 차이가있음을 보여줌으로써, 여성임원할당제의 도입타당성과 주식가치결정에 있어서 여성임직원비율의영향력을 보여주었다는데 의의가 있다.

To prove the effects of the rate of female executives and staff members and female employee’s tenure of office on the relevance of stock price, this study analyzed if there is a difference of accounts information’s relevance of stock price as the difference of the rate of female executives and staff members’ height and the female employee’s tenure of office’ length. To prove this, the study period is from 2013 to 2015, and analyzed 1,280 companies/yearly stock market listed company as a sample. The major analysis results of the study are; firstly, as the result of the analysis about the influence the relevance of stock price got from the difference of the rate of female executive, it represented that as the rate of female executive increases, the abnormal earnings and net assets’ relevance of stock price are high. Secondly, as the result of the analysis about the effect that the rate of female employee had on the account information’s relevance stock price, as the rate of female employee gets high, only abnormal earnings’ relevance of stock prices is high. Thirdly, as the result of analysis about the effect that female employee’s tenure of office had on the account information’s relevance of stock price, it indicates that only abnormal earnings relevance of stock price is high as the rate of female employee’s tenure of office gets high. Finally, as a result of the analysis about the effect that the rate of female employee and female employee’s tenure of office both had on the account information’s relevance of stock price, it showed that only abnormal earnings relevance of stock price are high under the case of high rate of female employee and long term of female employee’s tenure of office. Showing that there is a difference in account information as the difference of the rate of female executives and staff members and female employee’s tenure of office, it has a meaning on showing influence of the rate of female executives and staff members on female executive quota system’s introduction feasibility and stock value decision.