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한국기업의 지배구조가 기업분할 유형선택에 미치는 영향에 관한 연구

Corporate Governance and its Impact on the Type of Corporate Spin-off Choice in Korea

이진주|박남규|이정환
한국전략경영학회 (Korean Strategic Management Society)|2012.04|전략경영연구 (Journal of Strategic Management)|제15권 제1호|pp. 65-87|DOI 10.17786/jsm.2012.15.1.003

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인적분할물적분할Corporate governance결정요인Determinants기업 지배구조기업분할Spin-offEquity spin-offCaptive spin-off
주제분류경영학

초록

본 연구는 한국기업을 중심으로 사업 포트폴리오를 재조정하고 경영효율을 극대화시키는 경영전략 방법 중 하나로 실행하는 기업분할시 유형선택에 대한 결정요인을 실증분석하였다. 2000년대부터 한국기업들의 기업분할 추세는 증가하였으며, 미국기업들과 달리 인적분할과 물적분할 두 가지 형태를 취하였으나, 이에 대한 실증분석은 부족한 상황이다. 특히 대주주 중심의 가족소유 지배구조에서 많이 나타나는 물적분할 유형선택의 결정요인에 대한 분석은 거의 없다고 할 수 있다. 본 연구에서 기업 지배구조를 지배 대주주 지분비율, 비지배 대주주 존재여부, 대주주 또는 특수관계인 CEO 여부, 사외이사비율로 구분하여 기업분할 유형선택에 대한 결정요인을 로지스틱 회귀분석을 이용하여 분석하였다. 실증분석 결과 지배 대주주 지분비율이 높을수록 인적분할을 선호하는 경향이 있으며, 대주주 또는 특수관계인 CEO의 경우는 물적분할을 선호하는 경향이 나타났다. 비지배 대주주 존재여부와 사외이사비율은 기업분할 유형선택에는 영향을 미치지 못하는 것으로 나타났다.

Abstract

The purpose of this study is to investigate the relationship between corporate governance and the type of spin-off—a business portfolio restructuring strategy to improve management efficiency—choice in Korea. Spin-off in Korea typically takes the form of either equity or captive, which is different from the spin-offs observed in the United States. Although the number of spin-off cases in Korea has shown a steady increase since the 2000s, it has received less attention in the academia and is in need for a further in-depth investigation. In particular, very little research has been conducted on the investigation of the determinants of choosing the captive spin-off strategy under family ownership structures. Using the binary logistic regression, this research investigates the types of corporate governance structure and its relationship with the firm’s choice of spin-off strategy by looking at the share proportion of the controlling shareholder, existence of an outside blockholder, appointment of a CEO who is the controlling shareholder or a family-related member of the controlling shareholder, and outside board representation. Our findings suggest that as the share of controlling shareholder increases, the tendency to prefer equity spin-off strategy increases whereas, when the CEO is the controlling shareholder or a family-related member of the controlling shareholder, the tendency to prefer captive spin-off strategy increases. However, we found no empirical evidence of the outside blockholder and outside board member’s impact on the firm’s decision to choose any type of spin-off strategy.

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