일반논문 : 기혼여성의 경제활동 제고를 위한 보육정책

성효용 ( Hyo Yong Sung ) 한국여성경제학회 2008 여성경제연구 Vol.5 No.2

한국제조업체의 성장요인 결정

성효용 ( Hyo Yong Sung ),윤미경 ( Mi Kyung Yun ) 한국여성경제학회 2004 여성경제연구 Vol.1 No.1

외국인 노동자의 임금결정 요인 분석

성효용 ( Hyo Yong Sung ),강동관 ( Dong Kwan Kang ),강병구 ( Byung Goo Kang ) 한국여성경제학회 2015 여성경제연구 Vol.12 No.2

본 연구는 이민정책연구원의 자료를 이용하여 국내에 거주하는 외국인 노동자의 임금결정요인에 대해 분석하였다. 외국인 노동자의 임금결정 요인에 대한 국외의 실증연구는 많지만, 국내 실증연구는 거의 없는 상태이다. 법무부의 『2010 체류외국인 실태조사』의 원자료를 이용하여 국내에 거주하는 비숙련외국인근로자[E-9사증소지자]의 임금결정 요인을 임금결정이론에 근거하여 4가지 가설을 설정하고, 임금함수(earnings function)를 통해 검증하였다. 실증분석결과에 따르면 업무의 숙달에 소요되는 되는 기간과 근속년수(경력)가 길고, 한국어능력이 양호하며, 자격증을 소지한 외국인 근로자의 임금이 상대적으로 높고, 기업규모가 클수록 외국인 노동자의 임금수준도 높았다. 성별차이는 모든 모형에서 통계적으로 유의하여 남자 근로자가 여자 근로자에 비해 임금수준이 다소 높은 것으로 나타났다. 이러한 추정결과는 부분적으로 임금결정에 있어서 인적자본이론, 보상임금이론, 효율임금이론, 사회자본이론 등을 지지하지만, 교육연수는 외국인 노동자의 임금수준에 유의미한 영향을 미치지 못하는 것으로 나타났다. This study examines the wage determinants of foreign workers in Korea. The data for the empirical analysis are drawn from A Survey on Foreigners Residing in Korea 2010 conducted by the Ministry of Justice. We assume four hypotheses in order to explain determinants based on various theories of wage determination and test them with earnings function. According to the empirical results, weekly working hours, possession of relevant certificates, necessary time period to become skilled, those who are in technical post, and the firm size have positive effects on wages, which are statistically significant. In conclusion, if other things remain equal, the payment of foreign worker is comparatively high when the worker works at a relatively larger company or a job that demands longer period of time to be skilled, or the worker who has high level of Korean language skills, certificates related to the job. Gender wage differential is statistically significant in all models, and the level of men`s earnings is somewhat higher than the women`s. Education years are negatively and statistically significant in all models except model 4. Therefore, the labor market in which the wage is determined by productivity not a discriminating factor against immigrants should be settled down, and then the level of investment in human capital can be induced.

성별다양성과 기업성과

성효용 ( Hyo Yong Sung ) 한국여성경제학회 2012 여성경제연구 Vol.9 No.1

본 연구는 한국직업능력개발원의 『인적자본기업패널』(Human Capital Corporate Panel:HCCP) 자료를 이용하여 성별다양성과 기업성과의 관계에 대해 분석하였다. 여성고용과 기업성과 간의 연관성을 추정한 OLS와 2SLS 분석결과에서는 기업 내 여성고용비율과 기업성과 간의 상관관계가 통계적으로 유의미하지는 않았다. 한편 적극적 고용개선조치가 기업 내여성고용증가 및 총자산순수익률(ROA), 매출액수익률(ROS), 자기자본순이익률(ROE)에 미치는 영향을 이중차이(DD)모형을 사용하여 분석하였다. 단순이중차이를 근거로 할 때 여성근로자비율, 여성관리자비율, 총자산순수익률 및 매출액수익률로 측정된 적극적 고용개선조치제도의 효과는 긍정적인 것으로 나타났지만, 이중차이모형의 추정결과를 보면, 적극적 고용개선조치제도의 여성고용 효과는 불확정적이다.본 연구는 한국직업능력개발원의 『인적자본기업패널』(Human Capital Corporate Panel:HCCP) 자료를 이용하여 성별다양성과 기업성과의 관계에 대해 분석하였다. 여성고용과 기업성과 간의 연관성을 추정한 OLS와 2SLS 분석결과에서는 기업 내 여성고용비율과 기업성과 간의 상관관계가 통계적으로 유의미하지는 않았다. 한편 적극적 고용개선조치가 기업 내여성고용증가 및 총자산순수익률(ROA), 매출액수익률(ROS), 자기자본순이익률(ROE)에 미치는 영향을 이중차이(DD)모형을 사용하여 분석하였다. 단순이중차이를 근거로 할 때 여성근로자비율, 여성관리자비율, 총자산순수익률 및 매출액수익률로 측정된 적극적 고용개선조치제도의 효과는 긍정적인 것으로 나타났지만, 이중차이모형의 추정결과를 보면, 적극적 고용개선조치제도의 여성고용 효과는 불확정적이다. This study examines the relationship between gender diversity and corporate performance in Korea. The data for the empirical analysis are drawn from the Human Capital Corporate Panel survey(HCCP) for 2005, 2006, and 2009 at Korea Research Institute for Vocational Education & Training. It estimates if the proportions of women and female managers affect corporate performance, even after controlling for numerous characteristics of the firm causality. The empirical results indicate that the proportion of female managers has the positive effect on firm performance. The difference-in-differences(DD) estimation results imply that affirmative action in its current format has not significantly raised either the number of women workers or the number of women managers; affirmative action has exerted no significant effect on firm performance, either.

이사회 여성 대표성이 기업성과에 미치는 영향

성효용 ( Hyo-yong Sung ) 한국여성경제학회 2022 여성경제연구 Vol.18 No.4

본 연구는 이사회 구성에서 여성 대표성 제고가 기업성과에 미치는 영향을 분석하였다. NICE 평가정보(주)의 KISVALUE 자료와 금융감독원 전자공시시스템(DART)의 기업정보자료를 결합하여 KOSPI 200대 기업의 2011년~2020년 불완전패널 자료(unbalanced panel data)를 구축하였고, 실증분석에는 2SLS 추정법을 이용하였다. 실증분석 결과에 따르면, 이사회의 여성 대표성은 자기자본이익률(ROE)로 나타낸 기업성과에 긍정적인 영향을 미치는 것으로 나타났다. 하지만 매출액순이익률(ROS)의 경우 통계적으로 유의하지 않은 음(-)의 상관관계를 보였으며, 총자산순이익률(ROA)은 여성이사 비율과 여성 사외이사 비율로 나타낸 여성 대표성과 양(+)의 상관관계 보였으나, 통계적으로는 유의하지 않았다. 이러한 분석 결과는 여성이사 비율이 10% 미만으로 낮은 수준에서는 이사회의 여성 대표성 증가가 오히려 기업성과를 감소시킨다는 Joecks et al.(2013)의 주장을 지지한다. 또한 이사회의 여성 대표성이 기업성과에 긍정적인 영향을 미치기 위해서는 이사회의 여성이사 비율이 30% 수준 이상이 되어야 한다는 할당제 도입의 근거를 제시한다. 이사회의 여성 대표성 제고가 기업성과에 긍정적인 영향을 미친다는 분석 결과는 기업지배구조개선에 중요한 정책적 시사점을 제공한다. This study analyzes a study of corporate governance, board diversity, and firm performance. Using data from KISVALUE at the NICE Investors Service and DART (Data Analysis, Retrieval and Transfer System) at the Financial Supervisory Service, unbalanced panel data is established for the 2011~2020 period of KOSPI 200 firms(The Korea Composite Stock Price Index)). This paper estimated the effect of board gender diversity on firm performance with the method of 2SLS. According to the empirical results, the ratio of female directors on boards is 2.46% on average, which is very low, while the number of female directors is 0.19 on average, which is too low. We found that the ratio of female members on boards affects financial performance, such as Return on Equity(ROE), Return on Assets (ROA), and Return on Sales(ROS). ROE is positively related with board gender diversity, which is statistically significant. On the other hand, ROS is negatively related with board gender diversity, but is not statistically significant. ROA is positively related with the ratios of women directors and women outside directors, but is not statistically significant. This supports the argument of Joecks et al.(2013) that an increase in female representation on boards of directors reduces firm performance at a rate of less than 10%. Therefore, in order for the female representation on boards of directors with female directors occupying 30% or more of the seats, is necessary. The estimated results suggest policy implication for improving corporate governance by increasing female representation on corporate boards.

법인세 정책과 기업성장에 관한 연구

성효용 ( Hyo-yong Sung ) 한국질서경제학회 2008 질서경제저널 Vol.11 No.2

This study analyzes the relationship between firm growth and tax policy in Korea. If tax system affects entrepreneurial activity, as argued by Cullen and Gordon(2002), then corporate income tax policies can affect firm growth through a change of the attitudes of entrepreneurs on risk-taking. However, it cannot be generalized because the effects of corporate income tax on firm growth and investment depend upon socioeconomic conditions of individual countries. Thus this paper explores empirically how tax policies affect a firm’s growth rate, using manufacturing data during 1990~2006 in Korea. It includes the impact of large firm and Chaebol on firm growth. The firm dummy variable takes the value 1 where firm size is large. The Chaebol dummy takes on a value of one when the firm belongs to a Chaebol group or is a Chaebol subsidiary. Including Chaebol dummy is a meaningful exercise, since they take up such a large proportion of the manufacturing industries and have tremendous impact on the economy as a whole. According to the estimation results using the OLS and 2SLS, growth and size are negatively correlated and significant at the 1 percent level. That is, the estimation results show that smaller firms grow faster, rejecting Gibrat’s law. Firm growth and age are significantly and negatively correlated, supporting for Jovanovic’s theory of firm growth. The multiplication of initial firm size and firm age is statistically significant and positive, thus larger and older firms are higher economic growth. Lastly, in the case of the average effective tax rate, the estimation result of OLS is negative and that of 2SLS is positive, but both are not statistically significant. Therefore, we can not confirm the facts that the burden of corporate tax measured by the average effective tax rate significantly affect firm growth in general. Thus, the empirical results indicate that it is difficult to insist the effectiveness of reduction in corporate income tax on firm growth. In conclusion, corporate income tax policies can affect firm growth effectively when they are combined with other policies promoting investment.

성별다양성과 경제발전의 관계에 대한 연구

성효용 ( Hyo-yong Sung ) 한국질서경제학회 2014 질서경제저널 Vol.17 No.4

Korea has been challenged by many aspects of society, economy, politics, culture, and so on, being faced with low fertility and aging regime. In Korea, the total fertility rate was dropped to 1.08 (2005), and then it is now 1.19 (2013) which is ranked very low in the world. Meanwhile, female labor force has made an important role in the Korean economy since 1960s. In 2012, the employment rate of women in Korea (53.5%) is lower than the average of all OECD countries (65.1%). There are various patterns among countries when the employment rate increases. It, however, shows that an increase in the women employment rate contributes to the employment rate in most countries. When the rate of female employment is high, the level of national income per capita is also mostly high among the OECD member countries. The purpose of this paper is to explore a relationship between gender diversity and economic development. I analyze the gender- relations from the viewpoint of economic indicators and culture. I explore if economic growth would improve gender equality. This paper uses data for HCCP (Human capital corporate panel) from Korea Research Institute for Vocational Education and Training. It estimates if the proportions of female managers affect corporate performance, even after controlling for numerous characteristics of the firm causality. The results show that the proportion of female managers has the positive effect on firm performance (ROS), which is statistically significant. It means that gender diversity positively affects corporate performance and economic development. Female labor forces are national resources which are highly qualified and capable, but cannot be replaced by men. It is necessary to approach to be considered as not social minorities but human resources. In order to be managers and directors, it should be concerned about the situation that female workers compete male workers with disadvantages. It is necessary for firms to temporarily adopt quotas to reduce the gender gap which are forced by the government, although firms might expand the number of female managers or increase female members on corporate boards as a corporate strategy. It is especially desperately required to focus on a continuous and structural policy effort to prevent career disruption occurred when trying to be promoted to the rank of middle managers as well as a workㆍfamily balance policy to support the family life of working women in the child birth and child rearing period.

법인세가 기업투자에 미치는 효과분석

성효용 ( Hyo Yong Sung ),강병구 ( Byung Goo Kang ) 한국재정정책학회 2008 財政政策論集 Vol.10 No.1

This study analyses the effects of corporate income tax on investment behavior of the firms by using Korean manufacturing firm-level panel data between 1990 and 2006. We introduce the sales growth rate and cash flow as explanatory variables in order to control the effects of accelerator and financial constraints. We estimate the investment model by applying the Generalized Method of Moments(GMM). The estimation results show that in general, the effects of cash flow and sales growth rate on investment are consistent with the theoretical predictions, but the negative impacts of the first lagged Tobin`s Q are not with them. Although the coefficients of the tax term have negative sign, they are not only statistically insignificant but tiny even in the case of being statistically significant.

양성평등을 위한 조세,재정정책 연구

성효용 ( Hyo Yong Sung ) 한국재정정책학회 2010 財政政策論集 Vol.12 No.2

The purpose of this study is to explore the direction of reforming the tax and fiscal policies in a viewpoint of gender equality. This study compares the impacts of gender inequality in foreign countries and reviews tax and fiscal policies from gender perspectives. The gender discrimination should be abolished because it is an obstacle to sustained economic growth through the inefficient use of human resources. Especially, for the case of Korea with rapid aging population structure and low fertility, the factors of gender discrimination internalized in tax and fiscal system should be removed because it is very important to use of female human resources for economic growth. Conclusively, the tax structure and budget system should be reformed in the direction of gender equality.

외국인직접투자가 지역경제에 미치는 효과분석

성효용 ( Hyo-yong Sung ),김은경 ( Eunkyung Kim ) 한국질서경제학회 2009 질서경제저널 Vol.12 No.2

1)ㅃ The purposes of this study is to analyse the impact of Foreign Direct Investment(FDI) on local economy in Korea, and to examine some prerequisites of maximizing positive effects of FDI. The impacts of FDI on local economy are analysed for the case of Gyeonggi Province. One of main incentives for FDI inflows in Gyeonggi Province is easy of access to clients and customers. Gyeonggi Province also provides investment environment for foreign-invested firms regarding the administrative processes, legal affairs, accounting, taxation and so on. This study is based on the panel data which refers to the pooling of observations on a cross-section of firms over several time periods. This panel data consists of the micro-data by manufacturing firm level and the macro-data by industry and Gyeonggi region levels for the 1998-2005 period. Industry classification is based on the FICS(FnGuide Industry Classification Standard) system at the four digit level. The sample constitutes of 229 foreign invested firms in Gyeonggi, from a total of 848 foreign invested firms in Korea. According to the empirical results, FDI has a statistically positive relationship between foreign ownership and labor productivity in national total and Gyeonggi Province; the more foreign ownership is, the more labor productivity is. Besides, for FDI in Gyeonggi Province, foreign ownership and firm growth are positively related at the significant level. The estimation results suggest that in general, foreign ownership measured by the growth rate of employees encourages the growth rate of firm. The empirical analysis reveals the positive effect of FDI, so that local governments in Korea make effort to attract inward FDI in the era of globalization and localization. It is required that central government as well as local government facilitate institutional arrangement to maximize positive effect and to minimize negative effect of FDI on local economy.