한국기업의 지배구조가 사업다각화에 미치는 영향 : 패널자료로부터의 함의
The Effects of the Corporate Governance on the Business Diversification in Korea : Evidence from Panel Data
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초록
본 연구에서는 우리나라 외환위기 이후 기간인 1999년부터 2005년 7개년의 시계열을 갖는 377개 상장기업의 균형패널자료를 이용하여 기업지배구조가 사업다각화에 미치는 영향을 실증적으로 검증하였다. 실증분석 결과는 다음과 같다. 첫째, 지배구조가 사업다각화에 유의한 영향을 미치고, 대리인비용가설에 의해 설명이 될 수 있음을 확인할 수 있었다. 경영진지분율수준이 증가할수록 다각화수준이 증가하여 경영진은 다각화를 통해 경영자 자신의 人的資本의 가치를 방어하고, 개인적 포트폴리오의 위험을 줄이고자 한다는 것을 알 수 있었다. 둘째, 다각화기업의 특성을 LOGIT모형을 이용하여 분석한 결과, 경영진지분율이 높을수록 다각화기업이 되려는 경향이 강한 것으로 나타났다. 경영진지분율이 높으면 기업의 위험을 감소시키기 위해 사업다각화를 추진하고자 하는 경영자 유인이 증가한다는 것을 알 수 있었다. 이러한 결과로부터 다음과 같은 시사점을 확인할 수 있었다. 우리나라의 기업의 주요한 다각화 동기중의 하나는 대리인문제이기 때문에 사업다각화로 인한 대리인비용을 최소화 시킬 수 있는 정책이 마련될 필요가 있다.
Abstract
This study aims to examine influence of corporate governance on business diversification based on 377 numbers of listed companies' time series panel data for 7 years from 1999 to 2005. According to analysis, the following results can be obtained. Firstly, executive's share had significantly effects on business diversity and could be explained through agency cost theory. As executive's share became higher, business diversity level became higher. Executives want to protect their human resource value and reduce risks of individual portfolio through business diversity. Secondly, from the analysis of relation between characteristics of corporate governance and business diversification based on LOGIT model, as executives' share becomes higher, a company is more likely to become a diversified company. Based on the above results, the followings can be suggested. It is necessary to establish effective policies to minimize costs of diversification due to agency problems, one of the important diversification drivers in Korean companies.
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