This study examined the difference between male and female groups’ return on investment (ROI) in education independent of the average gender wage gap. Women’s additional ROI in education was significant and positively estimated. Furthermore, the ROI in women’s education was consistently higher than that in men regardless of educational stage, except for graduate education. These gender differences were greater in the younger generation than in the older generation and have decreased significantly in the recent ten years in high school education. Although the additional ROI in women’s education was positive in the field of culture and arts, education’s effect on wage increases in professional occupations was less than in men, especially in the fields of law and medicine. In addition, we show that gender differences in ROI in education were countercyclical. A base effect, large wage declines for low‐educated women during recessions, could explain this phenomenon. However, coinciding with the existence of positive cash flow news in the stock market that promises good business performance, a significant wage increase among highly educated women was found.

中文翻译：

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独立于韩国性别工资差距的教育回报中的性别差异*

这项研究考察了男女群体在教育上的投资回报率（ROI）之间的差异，而与平均性别工资差距无关。妇女在教育方面的额外投资回报率很高，并得到了积极的估计。此外，除研究生教育外，无论受教育程度如何，妇女的教育投资回报率始终高于男性。这些性别差异在年轻一代中要比在老一代中大，并且在近十年的高中教育中已显着降低。尽管妇女教育的额外投资回报率在文化和艺术领域是积极的，但教育对专业职业工资增长的影响要小于男性，特别是在法律和医学领域。此外，我们表明，教育投资回报率中的性别差异是反周期的。一个基本的影响是经济衰退期间低学历妇女的工资大幅下降，这可以解释这种现象。然而，与此同时，股票市场上出现了积极的现金流新闻，这预示着良好的业务表现，受过良好教育的女性中的工资有了显着增长。