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이사회와 최고 경영층의 관계적 요인이 기업성과에 미치는 영향

The Relationship between Board Composition Characteristics and Firm Performance

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키워드

주제분류경영학

초록

본 연구는 대리인 이론 관점에서 최고경영자와 사외이사 간의 다양한 관계가 기업성과에 미치는 영향을 검증하였다. 구체적으로, 최고경영자와 사외이사 간 동반 재임기간이 기업성과에 미치는 영향과, 이사회 구조 특히, 최고경영자와 사외이사 간 인구통계학적 상이성과 네트워크 밀도가 기업성과에 미치는 영향을 검증하고자 하였다. 1998년을 기준으로 유가증권시장에 상장되어 있고, 사외이사를 보유하고 있으며, 2004년까지 유가증권시장에 상장되어 있는 총 358개의 기업을 대상으로 한 연구에서 다음과 같은 결론을 도출하였다. 첫째, 최고경영자와 사외이사 간 동반 재임기간은 기업성과 역 U자형 관계를 갖는 것으로, 둘째, 최고경영자와 사외이사 간 인구통계학적 상이성은 기업성과와 정(+)의 관계를 갖는 것으로 나타났다. 셋째, 최고경영자와 사외이사 간 네트워크 밀도는 기업성과와 부(-)의 관계를 갖는 것으로 나타났다. 전반적으로 본 연구는 대리인이론을 강하게 뒷받침 하는 것을 시사하는 결과를 도출하였다.

Abstract

Building on the corporate governance literature and the studies focused on CEO and top management team tenure, we develop a theory of board-firm performance to explain how the composition of board of directors, board-CEO joint tenure, and the board members' network density within the board, influence firm performance. The theory and hypotheses are tested with 358 firms listed on Korea Stock Exchange (KSE) market from 1998 to 2004. The results can be summed up as follows: (1) Board-CEO joint tenure had a inverted U-shape relationship with firm performance; (2) Board demographic dissimilarity was positively associated with firm performance; (3) Board network density was negatively associated with firm performance. Overall, the results of this study strongly support agency perspectives.

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