In this study, it;;s analized the effect of female workers on the business performances of public companies. To analyze the effect of female workers on the business performances, public companies were selected as subjects of analysis. The Independent variables are the ratio of female workers and female managers. The dependent variables are labor productivity, customer satisfaction and per sales. Using the data from 2008 to 2012 years, I used the fixed effect model. As a results, It;;s not consistently observed the effects of the female workers in the labor productivity and customer satisfaction. But female workers showed a negative effect on the per sales. And I seperated the type of public companies(market-type, quasi-market type), by size(above, below median) and by age(above, below median) and performed the same way. Similar to the results of the previous test, female workers affect the statistically significant negative effects on the per sales. In addition, I defined the flexible work place(flexible working, remote working, part-time working) as the moderate variables, and tested whether the moderate effect in the relationship of the independent and dependent variables. As a results, all moderate variables showed no statistically significant effect. Reason for this results, this study used quantitative index of public companies so available datas were limited. Despite Using fixed effect model available to control the specific properties of companies, it;;s questionable whether the appropriate control had been made. These problems, when it is considered that the disclosure of information of public companies has been increasing gradually, would be available to research. Second, considered the low level of female worker;;s recruitment and the government control of the human resource policies in the public companies, it is difficult to affect a significant effect on the business performance of the public companies. Implications of this study based on the above analysis are as follows. It is necessary for government to study more about the effect of female workers recruitment on the public companies like private companies. And then female workers are taken into account as an elements of the competitive advantages.