open access

https://hdl.handle.net/2115/81490

Impact of the paid leave acquisition rate of retail business and the ratio of female managers on corporate performance

日本語

2021-05

北海道大学大学院経済学研究院

Discussion Paper, Series B

194

1-30

In this study, we examine the phenomenon of low paid acquisition rate in the retail industry and observe the effect on corporate performance. As will be described later, the paid acquisition rate is at the lowest level in the retail industry compared to other industries, and it is considered to be one of the characteristics of this industry. The reason why this phenomenon is so prominent in the retail industry is probably that many of the human resources supplied to the retail industry are women. In other words, one hypothesis emerges here. There is a fact that female workers adapt to the working environment of the retail industry, which is a special industry where it is difficult to obtain paid leave. On the other hand, such a working environment provided by the company has become a mechanism for earning profits and has become established throughout the industry. In other words, it can be seen that profits in the retail industry will be realized thanks to the low paid acquisition rate of female workers. This point of view should be of great interest to many researchers who support the discrimination hypothesis by Becker 1971 that women's labor has been exploited for [ ] some time. However, as far as I can tell, there are no empirical verification results that clarify the relationship between the slump in the paid acquisition rate in the retail industry and corporate performance. Therefore, in this study, we analyzed the retail industry and the chemical industry as industries in which women play an active role, and also focused on the steel industry as a reference group for the above two industries. Then, we will examine the relationship between corporate performance in these three industries and the paid acquisition rate and the three female ratios ( ratio of female officers, ratio of female managers, and ratio of female employees) . The specific verification in this paper can be divided into three as shown below. First of all, as shown in 3-1 we will examine how the increase in the three female ratios affects the improvement of ROA, and at the same time, examine whether the decrease in the paid acquisition rate in the retail industry improves ROA. Two models were prepared for this verification, one of which was significant at the 10% level, and a decrease in the paid acquisition rate in the retail industry increased ROA. And the same thing can be said for the other model, but we succeeded in obtaining a 5% level significance. Of the three female ratios, the increase in the ratio of female managers is the most prominent in contributing to the improvement of ROA, and the results are subordinated to female employees and female executives. Next, as shown in 3-2, we will clarify whether there is a quadratic function relationship between the 3 female ratios and ROA. This verification clarified whether there are 3 female ratios that maximize ROA. Although the results are limited to the analysis of three industries, ROA is maximized when 51.25% is achieved only for female managers. On the other hand, no ratio that maximizes ROA was found for the ratio of female directors and the ratio of female employees. Thirdly, as shown in 3-3, we attempted to verify the relationship between the utilization of women and corporate performance, suspecting a simultaneous bias. Recently, the view that the ratio of women in companies has increased due to the advancement of women into society and that corporate performance will increase has become widespread. However, I would like to dispel the doubt that companies with good performance have only hired women, and that they will only raise the ratio of female directors in order to attract ESG investment. This problem is a case of a concurrency bias in which the dependent variable explains the independent variable. Therefore, it is necessary to revalidate the analytical model by the two stage least squared method, not by the estimation by the Ordinary Least Squares. In this paper 3-1 we derive the result that the increase in the ratio of female managers improves ROA at the 5% level significant by OLS, but when this is reviewed by 2SLS, it receded to the 10% level significant. In other words, it can be concluded that the contribution of women to corporate performance is not strong even when the retail and chemical industries, which are said to have a remarkable advancement of women, are used as samples.

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