소유 집중도가 기업 연구개발 투자에 미치는 영향: 국내 제약 산업을 중심으로
How Does the Concentration of Ownership Impact R&D Investments? Evidence from Korean Pharmaceutical Firms
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초록
본 연구는 2004년부터 2008년까지 8년간 국내 제약 기업들을 대상으로 소유 집중도가 기업의 연구개발투자에 미치는 영향을 실증적으로 분석한다. 특히 소유 경영 체제 또는 전문 경영 체제가 소유 집중도와 연구개발투자 간의 관계에 미치는 영향을 분석한다. 분석 결과 최대주주 지분율과 연구개발투자는 역 U자 형태의 상관관계가 있으며, 소유 또는 전문 경영 체제 여부는 역 U자 관계의 강도에 영향을 주는 것으로 나타났다. 즉, 전문 경영 체제하에서는 소유 집중도가 낮을 경우 소유 집중도의 추가적인 증가는 대리인 비용을 줄여 연구개발투자를 소유 경영 체제하에서 보다 더 크게 증가시키지만, 소유 집중도가 높을 경우소유 집중도의 추가적인 증가는 지나친 위험 노출 증가에 대한 고려로 연구개발투자를 소유경영 체제하에서 보다 더 빠르게 감소시킨다.
Abstract
This paper examines how the concentration of ownership in firms influencesthe R&D investment decision and whether the type of a firm’s management (i.e, theowner-manager or professional manger) differentiates the relationship between theownership concentration and R&D investments by using data of Korean pharmaceuticalcompanies between 2004 and 2008. The results show that the share of the largestshareholder and R&D investment have an inverted U-shaped relationship, and whether aCEO is an owner or a professional manager affects the curvature of the invertedU-shaped relationship. Specifically, when a firm’s CEO is a professional manager and theshare of his stock is small, increase in the CEO’s share increases the R&D investment inthe larger amount than when a firm’s CEO is an owner. This is because the increase inownership reduces agency cost; However, when the share of his stock is large, theincrease in CEO’s share decreases R&D investment in the larger amount than when afirm’s CEO is an owner. This is because a professional manager gets concerned overexcessive risk exposure more than an owner-manager does.
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