이사책임경감조항 도입 기업의 특성
Motives of adopting Director’s Liability limitation Provision
1
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
본 연구는 개정된 상법에 따라서 정관에 도입이 가능해진 이사책임경감조항의 도입 유인을 분석하였다. 개정 상법은 주주에 대한 이사의 책임을 일정 금액 이내로 제한함으로써 유능한 이사를 쉽게 영입하고 이사의 진취적인 경영을 독려하기 위하여 제정되었다. 그러나 반대로 해당 조항이 경영진의 책임을 경감시킴으로써 주주와 경영진간의 대리인 비용을 증가시키고 경영진의 사적 이익을 위해 사용될 수 있다는 우려도 제시되고 있다. 본 연구에서는 이사책임경감조항을 도입한 기업 특성을 분석함으로써 이 문제를 실증적으로 검토하고자 하였다. 분석 결과, 성장잠재력이 낮고 주가변동성이 높은 기업일수록, 지배주주가 등기이사로 등재되어 있을수록, 지배주주의 지분율이 클수록, 사외이사 비중이 낮고 이사회 횟수가 많을수록 이사책임경감조항을 더 도입하는 것으로 나타났다. 이러한 결과는 이사책임경감조항이 미래 성장을 위한 적극적 투자 목적보다는 경영진의 책임회피목적으로 도입되고 있을 가능성을 시사하고 있다. 본 연구는 이사책임경감조항이 법 제정 의도와는 달리 기회주의적인 의도로 사용될 가능성을 제시함으로써 규제기관에 시사점을 제시하고 있다.
Abstract
In 2012, The Korean Ministry of Justice revised the Commercial Law to support firms in rapidly changing business environment. As part of revision, director’s liability limitation provision(LLP, hereafter) is newly introduced which limit director’s personal liability up to 6 times(3 times for outside director) of his/her annual salary and accordingly protect directors from personal indemnification for business decision. The Korean Ministry of Justice announced that this provision is included for the firms to hire capable managers more easily and promote proactive investment activities. Consequently, more than half of firms listed in Korean Stock Exchange adopted the LLP. However, critics argue that the LLP, by reducing management’s responsibility, would enhance managerial entrenchment and deprive investors and creditors’ benefit. In some firms it actually happens that the proposals to adopt LLP is rejected by institutional investor or some minor/foreign investors. Therefore, it would be worthwhile to empirically study whether the purpose of adoption LLP is achieved. In this paper, we try to address this issue by investigating firm characteristics of adopting director’s liability limitation provision. We use the 889 samples listed in Korean Stock Exchange for the period of 2012 to 2013. The empirical results are summarized as follows. First, the firms with lower growth potential, measured by market to book ratio, and higher stock return volatility are more likely to adopt the LLP. This result suggest the possibility that the management try to adopt LLP to avoid potential shareholder lawsuit, when they expect low performance and high stock volatility. Second, the firm tend to adopt the LLP more when the controlling owner is member of board of director or have higher ownership. This suggests that when the controlling owner has high responsibility, he/she tends to try to adopt the LLP. Lastly, the firms with less outside director and more frequent board meeting adopt the LLP more, which suggest that the deteriorated governance and lots of issues to be discussed positively affect the decision to adopt the LLP. Overall, the results of our study imply that the management tends to adopt the LLP to avoid potential personal liability rather than to recruit capable managers or more proactively involve in investment for future growth as the regulatory board expected. Our study contributes to literature, regulatory board and investors. First, even though LLP can highly affect the management behaviour, few studies except Yum et al. (2014) investigate how the LLP is implemented. This study extend Yum et al. (2014) by rigorously studying the motives of LLP adoption. Second, we suggest policy implication by providing evidence that LLP may be utilized as management’s opportunistic purpose, rather than as the regulatory board expected. Third, the investors may adjust the investment decision or propose the opinion in shareholders’ general meeting by understanding the characteristics of firms adopting the LLP.
참고문헌 (44)
- 김용식, "기업지배구조가 임원배상책임보험과 보험료에 미치는 효과", 회계ㆍ세무와 감사 연구, (52), pp.63~91 (2010), 한국공인회계사회[DOI]
- 김용식, "이사회 특성이 내부회계 관리제도의 품질과 사외이사의 보상에 미치는 효과", 회계ㆍ세무와 감사 연구, (48), pp.427~454 (2008), 한국공인회계사회[DOI]
- 김지환, "이사의 책임에 관한 주요 쟁점과 법적 과제", 비교사법, 20(3), pp.675~710 (2013), 한국사법학회[DOI]
- 김창수, "한국의 사외이사제도 도입과 기업가치", 재무연구, 19(2), pp.105~153 (2006), 한국재무학회
- 박경서, "기업집단의 분리를 통한 기업집단의 순기능과 역기능에 관한 연구", 한국증권학회지, 40(3), pp.461~499 (2011), 한국증권학회
- 박진하, "외국인주주의 지분율이 기업의 투자효율성에 미치는 영향", 회계학연구, 37(3), pp.277~307 (2012), 한국회계학회
- 송오식, "소비자계약에서 정보제공의무", 법학논총, 29(1), pp.81~119 (2009), 법학연구소
- 심호식, "지분율 괴리도와 공시 정보의 빈도 사이의 관계", 회계학연구, 35(4), pp.39~74 (2010), 한국회계학회
- 안택식, "사외이사의 책임제한에 관한 연구", 경제법연구, 6(2), pp.199~221 (2007), 한국경제법학회[DOI]
- 양동석, "집행임원의 역할과 법적 지위", 상장협연구, (48), pp.162~186 (2003)
- 염지인, "이사책임감면규정의 도입에 대한 주식시장반응", 회계저널, 23(2), pp.39~71 (2014), 한국회계학회
- 이경태, "기업지배구조가 임원배상책임보험료에 미치는 영향- 외부전문가(보험사)에 의한 기업지배구조 평가", 회계학연구, 31(4), pp.53~84 (2006), 한국회계학회
- 이상철, "대리인문제와 기업가치", 관리회계연구, 5(1), pp.33~55 (2005)
- 이상철, "감사위원회 도입이 이익조정에 미치는 영향", 회계학연구, 28(3), pp.143~172 (2003), 한국회계학회
- 임상균, "대규모기업집단 소속기업의 투자효율성", 회계학연구, 39(3), pp.91~134 (2014), 한국회계학회
- 전규안, "감사위원회의 설치와 이익조정사이의 관계", 회계학연구, 29(1), pp.143~178 (2004), 한국회계학회
- 전영순, "외국인투자자 및 국내 기관투자가의 투자의사결정과 회계이익의 질(Quality)", 경영학연구, 32(4), pp.1001~1032 (2003), 한국경영학회
- Bae, K. H., "Tunneling or value added? Evidence from mergers by Korean business groups", The Journal of Finance, 57(6), pp.2695~2740 (2002)
- Black, B., "Outside director liability", Stanford Law Review, 58(4), pp.1055~1159 (2005)
- Brook, Y., "Shareholder wealth effects of directors' liability limitation provisions", Journal of Financial and Quantitative Analysis, 29(3), pp.481~497 (1994)
- Cheng, S, "Board size and the variability of corporate performance", Journal of Financial Economics, 87(1), pp.157~176 (2008)
- Coles, J. L., "Boards : Does one size fit all?", Journal of Financial Economics, 87(2), pp.329~356 (2008)
- Core, J. E, "On the Corporate Demand for Directors’ and Officers’ Insurance", Journal of Risk and Insurance, 64, pp.63~87 (1997)
- Core, J. E, "The directors' and officers' insurance premium : an outside assessment of the quality of corporate governance", The Journal of Law, Economics, and Organization, 16(2), pp.449~477 (2000)
- Daniels, R. J., "The capricious cushion : The implications of the directors'and officers' insurance liability crisis on Canadian corporate governance", Canadian Business Law Journal, 22, pp.182~228 (1993)
- Fan, J., "Corporate ownership structure and the informativeness of accounting earnings in East Asia", Journal of Accounting and Economics, 33(3), pp.401~425 (2002)
- Heron, R. A., "An empirical analysis of the reincorporation decision", Journal of Financial and Quantitative Analysis, 33(4), pp.549~568 (1998)
- Holderness, C. G, "Liability insurers as corporate monitors", International Review of Law and Economics, 10(2), pp.115~129 (1990)
- Janjigian, V., "The elimination of director liability and stockholder returns : an empirical investigation", Journal of Financial Research, 13(1), pp.53~60 (1990)
- Jensen, M. C, "The modern industrial revolution, exit, and the failure of internal control systems", The Journal of Finance, 48(3), pp.831~880 (1993)
- Jensen, M. C., "Theory of the firm : Managerial behavior, agency costs and ownership structure", Journal of financial economics, 3(4), pp.305~360 (1976)
- Kang, M., "The association between related-party transactions and control-ownership wedge: Evidence from Korea", Pacific-Basin Finance Journal, 29, pp.272~296 (2014)
- La Porta, R., "Corporate Ownership Around the World", Journal of Finance, 54(2), pp.471~518 (1999)
- Lowry, M., "Litigation risk and IPO underpricing", Journal of Financial Economics, 65(3), pp.309~335 (2002)
- Lys, T., "Lawsuits against auditors", Journal of Accounting Research, 32(Supplement), pp.65~93 (1994)
- Myers, D., "Corporate insurance and the underinvestment problem", The Journal of Risk and Insurance, 54(1), pp.45~54 (1987)
- Netter, J., "State corporation laws and shareholders : the recent experience", Financial Management, 18(3), pp.29~40 (1989)
- O'Sullivan, N, "Insuring the agents : The role of directors' and officers' insurance in corporate governance", Journal of Risk and Insurance, 64(3), pp.545~556 (1997)
- O’Sullivan, N, "The demand for directors’ and officers’ insurance by large UK companies", European Management Journal, 20(5), pp.574~583 (2002)
- Pasban, M, R., "The protection of corporate directors in England and the US", Anglo-American Law Review, 4, pp.461~492 (1997)
- Simunic, D. A, "The pricing of audit services : Theory and evidence", Journal of Accounting Research, 18(1), pp.161~190 (1980)
- Stice, J. D, "Using financial and market information to identify pre-engagement factors associated with lawsuits against auditors", Accounting Review, 66(3), pp.516~533 (1991)
- Vafeas, N, "Board meeting frequency and firm performance", Journal of Financial Economics, 53(1), pp.113~142 (1999)
- Yermack, D, "Higher market valuation of companies with a small board of directors", Journal of Financial Economics, 40(2), pp.185~211 (1996)