시카고 은행 이사회의 구성과 변천, 1907~1941 : 뉴딜 이전에 은행 이사는 은행가였는가?
Were Bank Directors Bankers in That Good Old Days?
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은행과 긴밀한 관계를 가진 기업의 특성에 대한 최근의 실증연구들 연구들 가운데 은행과 기업 사이의 겸임이사를 은행가로 가정하는 경우가 많다. 특히 클레이튼법이나 뉴딜 금융개혁을 거치면서 은행의 영향력이 줄어들어 대리인 비용이 높은 기업지배구조 시스템을 낳았다는 역사적 인식을 뒷받침하는 연구들은 은행과 기업 사이의 겸임이사의 감소를 강조한다. 이 논문은 1907년부터 1941년 사이에 시카고 은행들의 이사회 구성과 변천을 살펴봄으로써 기업과 은행을 연결하는 겸임이사를 기업 이사회에 참여한 은행가로 가정하는 연구 전략의 타당성에 의문을 제기하고 클레이튼법이나 뉴딜 금융개혁 이후에 이러한 겸임이사가 줄어든 것이 은행의 영향력 감소로 해석되기 곤란하다는 것을 지적한다. 이러한 결과는 미국 대기업의 네트워크에서 은행의 영향력이 줄어들지 않았다는 사회학계의 입장에서 설명하기 어려웠던 몇 가지 현상들에 대해서도 중요한 시사점을 제공해준다.
Abstract
Many empirical studies which try to explain the role of financiers on the boards of non-financial firms take the existence of interlocking directors between financial institutions and non-financial companies as the proxy variable of the close relationship between them. The historical studies, which support the thought that American political tradition, ideology, and regulations against Wall Street resulted in the corporate governance structure of high agency costs weakening the influence of financial institutions over non-financial corporations, pur stresses on the decrease of interlocking directors of financial institutions. Were bank directors bankers in that good old days? This paper investigates the evolution of the composition of the boards of directors of Chicago banks from 1907 to 1941. The result casts doubts about the above empirical strategy and about the historical perception of the decrease of influence of bank due to the Clayton Act of 1914 or the New Deal reforms of 1930s. This paper also shed some lights on a few puzzles which were difficult to explain by the advocates of the hypothesis that the power of banks remained strong even after the New Deal financial reforms.
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