중소기업협동조합 조합원기업의 소유·지배구조와 경영효율성 분석
The Ownership·Governance Structure of the Member of Small Business Cooperatives and the Impact on Business performance
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We empirically study how the ownership and governance structure affects the firm performance and the management efficiency for SMEs under the 234 members of the small business cooperatives with multiple regression analysis. The major results are as follows ;First, as a result of the ownership structure and business performance, it is necessary to maintain an appropriate level for the largest shareholder (CEO) and business performance (profitability, productivity) as the inverted U-shaped relationship. Since the institutional investor ownership has a negative(-) effect on the profitability, liquidity, and stability but a positive(+) effect on the activity, it needs to refrain from their excessive involvement. It also implies that the foreign ownership should more participate as the inverted U shape. Next, we analysis the revenue growth, net income growth, and sales level according to the types of executives, shareholder ownership, institutional investor, and foreign equity participation with the multiple regression. As the results, the sales level of otherwise group is twice higher than that of business executive group but the ratio is not statistically significant. The ownership should be considered reasonable as the business performance is expected to be shown in the inflection point of inverted U-shaped relationship as of 60% of largest shareholder ownership level. In addition, there is increasing sales and more stability when there are the institutional investor and foreign equity. In conclusion, it is required to get more attention for the ownership and governance structure in order to manage consistently since the business performance or management efficiency are also changing for SMEs. Hopefully, as the results of this study, the each small firm as the member of small business cooperatives or the policy officials should recognize the importance of ownership and governance management. It is expected to arouse their interests in SMEs under the small business cooperatives.
Abstract
We empirically study how the ownership and governance structure affects the firm performance and the management efficiency for SMEs under the 234 members of the small business cooperatives with multiple regression analysis. The major results are as follows ;First, as a result of the ownership structure and business performance, it is necessary to maintain an appropriate level for the largest shareholder (CEO) and business performance (profitability, productivity) as the inverted U-shaped relationship. Since the institutional investor ownership has a negative(-) effect on the profitability, liquidity, and stability but a positive(+) effect on the activity, it needs to refrain from their excessive involvement. It also implies that the foreign ownership should more participate as the inverted U shape. Next, we analysis the revenue growth, net income growth, and sales level according to the types of executives, shareholder ownership, institutional investor, and foreign equity participation with the multiple regression. As the results, the sales level of otherwise group is twice higher than that of business executive group but the ratio is not statistically significant. The ownership should be considered reasonable as the business performance is expected to be shown in the inflection point of inverted U-shaped relationship as of 60% of largest shareholder ownership level. In addition, there is increasing sales and more stability when there are the institutional investor and foreign equity. In conclusion, it is required to get more attention for the ownership and governance structure in order to manage consistently since the business performance or management efficiency are also changing for SMEs. Hopefully, as the results of this study, the each small firm as the member of small business cooperatives or the policy officials should recognize the importance of ownership and governance management. It is expected to arouse their interests in SMEs under the small business cooperatives.
참고문헌 (24)
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