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小売業の有給取得率と女性役員の企業業績への貢献
櫻田, 譲
Permalink : http://hdl.handle.net/2115/83661
Abstract
本研究の前半における分析では女性が活躍する業種として小売業と化学業に注目した他、レファレンスグループとして鉄鋼業も検討に加え、これら3業種における企業業績と有給取得率や女性３比率（女性役員比率・女性管理職比率・女性従業員比率）の関係を最小二乗法（OLS）によって検証した。分析の結果、小売業における有給取得率の低下がROAを上昇させるとの結果を5％水準有意で示すことに成功した。さらにROAを最大にする女性管理職比率が存在することを確認している。そして女性の活用と企業業績の関係について同時性バイアスを疑った2段階最小二乗法（2SLS）による検証を試みた結果、見せかけの相関であることが明らかとなった。そこで後半では分析対象を全上場企業に拡げ、再度のOLSによる分析を試みている。その結果、追加検証として試みた全上場企業を対象としたOLSによる分析から女性役員比率の上昇によってROAを向上させる実績は認められなかった。しかし女性役員比率の上昇に対する投資家の評価は好意的であり、同比率が上昇するとQが向上する結果を導出した。今後の課題としては全上場企業に対して試みたOLSに依る検証結果を2SLSによって再度見直し、見せかけの相関が潜在するのかを明らかすべきであろう。
In the analysis in the first half of this study, we focused on the retail industry and the chemical industry as industries in which women play an active role, and also considered the steel industry as a reference group. The relationship among female employee ratio, female manager ratio, and female employee ratio was verified by the least squares method (OLS). As a result of the analysis, we succeeded in showing that the decrease in the paid acquisition rate in the retail industry increases the ROA at the 5% level significant. We have also confirmed that there is the female manager ratio that maximize ROA. Then, as a result of trying to verify the relationship between the utilization of women and corporate performance by the two-step least squares method (2SLS), which suspected a simultaneous bias, it became clear that it was a fake correlation. Therefore, in the latter half, the analysis target is expanded to all listed companies, and the analysis by OLS is tried again. As a result, an OLS analysis of all listed companies, which was attempted as an additional verification, found no record of improving ROA by increasing the ratio of female directors. However, investors' evaluation of the rise in the ratio of female directors was favorable, and we derived the result that Q improves when the ratio rises.As a future issue, the verification results based on OLS attempted on all listed companies should be reviewed again by 2SLS. And I would like to clarify whether the influence of women's advancement on corporate performance is a fake correlation.
In the analysis in the first half of this study, we focused on the retail industry and the chemical industry as industries in which women play an active role, and also considered the steel industry as a reference group. The relationship among female employee ratio, female manager ratio, and female employee ratio was verified by the least squares method (OLS). As a result of the analysis, we succeeded in showing that the decrease in the paid acquisition rate in the retail industry increases the ROA at the 5% level significant. We have also confirmed that there is the female manager ratio that maximize ROA. Then, as a result of trying to verify the relationship between the utilization of women and corporate performance by the two-step least squares method (2SLS), which suspected a simultaneous bias, it became clear that it was a fake correlation. Therefore, in the latter half, the analysis target is expanded to all listed companies, and the analysis by OLS is tried again. As a result, an OLS analysis of all listed companies, which was attempted as an additional verification, found no record of improving ROA by increasing the ratio of female directors. However, investors' evaluation of the rise in the ratio of female directors was favorable, and we derived the result that Q improves when the ratio rises.As a future issue, the verification results based on OLS attempted on all listed companies should be reviewed again by 2SLS. And I would like to clarify whether the influence of women's advancement on corporate performance is a fake correlation.
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