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내부와 외부의 대주주가 이사회 구조에 미치는 영향 : 외환위기이후의 한국기업의 분석

Impact of large shareholders on board structure in Korean companies

김주태
한국전략경영학회 (Korean Strategic Management Society)|2007.12|전략경영연구 (Journal of Strategic Management)|제10권 제2호|pp. 1-22|DOI 10.17786/jsm.2007.10.2.001

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이사회기업지배구조Corporate governance외환위기대리인 이론Agency theoryBoard of directors
주제분류경영학

초록

한국기업에 사외이사가 도입되고 이사회가 활성화된 것이 10년 정도된 시점에서, 이사회의 구조가 기업의 경영성과에 미치는 영향에 대한 분석은 앞으로 많이 수행되어야 할 분야로 보인다. 본 논문에서는 이사회 구조(사외이사 비율)를 결정하는 요인으로서 내부와 외부의 대주주의 역할을 분석하였다. 한국기업과 같이 소유구조가 집중된 상황에서 대리인 문제는 내부의 지배주주와 외부의 주주사이에 존재하는 것으로 이해된다. 이런 관점에서 사외이사는 지배주주의 대리인 문제를 감시하기 위하여 도입된 통제시스템이므로 내부의 지배주주는 사외이사의 비율에 부의 작용을 하고, 경영자 지분율은 영향을 미치지 않을 것으로 가정하였다. 외부의 대주주인 기관투자자와 외국인 투자자는 지배주주를 견제한다는 입장에서 정의 작용을 할 것으로 가정하였다. 또한, 지배주주의 지분율은 가족지분율과 계열회사의 지분율로 나누어 분석하였다. 2002년과 2003년의 한국의 상장제조업체의 이사회 구조를 종속변수로 하는 실증분석에서 대부분의 가설이 지지되었다. 또한, 가족지분율은 지배주주 지분율과 같은 영향력을 보이나, 계열회사 지분율의 효과는 지지되지 않았다. 본 논문은 한국에서 외환위기이후의 지배구조 개혁의 과정에서 나타나는 현상을 분석하였다는 데에서 공헌점을 찾을 수 있다.

Abstract

Since outside director was introduced in Korean companies ten years ago, the impact of outside director on corporate performance has not been studied sufficiently. This paper investigated the role of inside and outside large shareholders in introducing outside directors. These large shareholders were analyzed as the determinants of board structure. Because most of Korean companies have concentrated ownership structure, the agency problem in Korean companies exists between controlling shareholder and outside minority shareholders. I hypothesized the negative relationship between ownership rate of controlling shareholder and the ratio of outsiders in the board and insignificant relationship between managerial ownership and board ratio. In addition, I assumed that institutional investor ownership rate and foreign investor ownership rate have the positive relationship with board ratio. The ownership rate of controlling shareholder is also divided to family ownership rate and affiliate ownership rate. The hypotheses were tested from the data of Korean manufacturing companies listed in stock exchange in 2002 and 2003 and most of them were accepted. This paper contributed to analyze the process of board reform in Korean companies after the currency crisis.

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