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Requirements and Roles of EffectiveOutside Directors

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주제분류경영학

초록

대부분의 지금까지의 이사회 연구는 이사회의 구조와 기업의 성과의 관계를 고찰하는 구조론적 접근법을 갖고 있다. 그러나, 구조적 접근법에서의 대부분의 실증연구는 지금까지 일관된 결과를 보여주지 않고 있는데, 이는 이사회의 기업성과에 대한 영향을 분석하기 위한 새로운 접근이 필요하다는 것을 보여준다. 본 논문에서는 기업의 성과에 영향을 미치는 효과적인 이사회를 규명하기 위하여 효과적인 사외이사가 지녀야 할 세 가지 필요조건과 사외이사의 주요 기능을 설명하였다. 본 연구모델에서는 세 가지 필요조건이 갖추어지면 사외이사가 효과적인 기능을 하게 되고, 사외이사의 효과적인 기능은 기업성과 향상으로 이루어지는 것으로 가정하였다. 2000년의 한국기업을 대상으로 한 실증연구에서 독립성, 정보제공, 보상의 필요조건이 잘 갖추어질수록 사외이사의 기능이 더 효과적인 것으로 나타난다는 대부분의 가설이 지지되었다.

Abstract

Most studies about the effectiveness of the board of directors have been performed based on a structural approach which investigates the relationship between board structure and firm performance. Many empirical studies about this relationship have failed to show consistent results and this indicates that another approach to analyze the internal process of the board of directors is necessary to explain the impact of the board of directors on corporate performance. Through a review of the existing literature in this area, I have built a research model showing three requirements for effective outside directors and three roles of outside directors to show the internal process of board of directors. I supposed a positive relationship between these three requirements and roles of outside dirctor, and performed regression analysis with the data from Korean firms. From the empirical test, the expected positive relationship was supported. This paper concludes with a discussion of the strategic implication of this study.

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