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이사회 구조 및 독립성이 기업성과에 미치는 영향에 관한 연구

An Empirical Study on the Influences of Board Structure and Independence on Corporate Performance

이기은|전무경
한국기업경영학회 (Korean Corporation Management Association)|2013.04|기업경영연구 (Korean Corporation Management Review)|제20권 제2호|pp. 235-250

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참고문헌

키워드

Corporate Performance이사회 구조CEO Duality사외이사비율이사회 규모Board Size이사회독립성The Number of Sub-CommitteeRatio of Outside Directors하위위원회최고경영자와 이사회의장 겸직
주제분류경영학

초록

한국기업들은 외환위기 이후 많은 변화가 이루어졌다. 특히 외환위기와 미국의 사베인-옥슬리법 (SOX: Sabanes-Oxley Act)의 제정 및 실행으로 기업지배구조에 대한 관심이 커지게 되었다. 투명하고 건전한 기업지배구조는 기업경쟁력의 원천이라는 인식이 확산되었으며, 미래성장의 기본 요건이라고 여겨지기 시작한 것이다. 그리고 기업지배구조와 관련한 다양한 국내외 연구가 시도되었지만, 일관된 결과는 제시하지 못하고 있는 실정이다. 이에 본 연구에서는 기업지배구조 내에서 이사회 구조와 독립성이 기업성과에 어떤 영향을 미치는지, 선행연구고찰과 함께 실증분석해 보았다. 실증분석자료는 정화절차를 통해 유가증권시장에 등록된 기업 중 369개 기업의 4개년(2005～2008년) 자료를 분석하였으며, 총 11개 산업으로 구성되어졌다. 본 연구의 실증분석결과를 요약하면 다음과 같다. 첫째, 이사회 구조 중 이사회 규모는 기업성과와 정(+)의 관계를 나타내었다. 둘째, 이사회 내 하위위원회 수도 기업성과에 유의한 영향을 미치는 것으로 나타났다. 셋째, 최고경영자와 이사회의장 겸직은 기업성과에 부(-)의 영향을 미치는 것으로 검증되었다. 넷째, 이사회 독립성을 살펴볼 수 있는 사외이사비율도 기업성과에 유의한 영향을 미치는 것으로 분석되었다. 마지막으로 자산규모 2조원을 기준으로 추가분석을 실시하였다. 추가분석결과, 자산 2조원 미만 기업(n = 1266)에서는 이사회 규모, 최고경영자와 이사회의장 겸직, 사외이사비율이 통계적으로 유의하게 나타났으며, 자산 2조원 이상 기업(n = 210)에서는 이사회 규모, 하위위원회 수, 최고경영자와 이사회의장 겸직이 유의하게 나타났다. 그리고 결론 및 논의에서 본 연구의 시사점과 한계점을 제시하였다.

Abstract

After the financial crisis, Korea became interested in many corporate governance. And especially a lot of attention has been on the board of directors. Positive and negative findings on the board of directors has been prepared as part. The purposes of this paper are to examine the relations between board of directors (structure and independence) and corporate performance. In this study literature reviews and empirical methods are both used; The literature reviews cover theoretical discussion on determinants of research and selection of variables and its examination in the previous studies. In order to proceed with the research, The independent variables were set to the size of the Board of Directors, the number of Sub-Committee, CEO duality and the ratio of outside directors. Dependent variable was set to corporate performance (ROA). and Control variables were set to industry, years, corporate age, firm size, 2 trillion won in assets, CEO succession, previous year’s firm performance, CEO type, and major shareholder ownership. The analysis was carried out from 2005 until 2008 and the number of corporations for sampling was 369 (total 1476) listed in KOSPI. and For accurate analysis. Purification procedure has undergone The results of the empirical analysis are summarized as follows. First, board size is not associated with ROA because of the opposite direction to the hypothesis. therefore Hypothesis 1 is not supported. Second, the number of Sub-Committee in board of directors is positively associated with ROA. therefore Hypothesis 2 is supported. Third, CEO duality is associated with ROA in negative(-) direction. therefore Hypothesis 3 is supported. Fourth, the ratio of outside directors is positively associated with ROA. therefore Hypothesis 4 is supported. And sophisticated analysis, an additional analysis was conducted. In an additional analysis of less than 2 trillion won corporate targets, First, board size is positively associated with ROA. Second, the number of Sub-Committee in board of directors is not associated with ROA. Third, CEO duality is positively associated with ROA. Fourth, the ratio of outside directors is positively associated with ROA. In an additional analysis of more than 2 trillion won corporate targets, First, board size is positively associated with ROA. Second, the number of Sub-Committee in board of directors is positively associated with ROA. Third, CEO duality is negatively associated with ROA. Fourth, the ratio of outside directors is not associated with ROA. The limitations of this study are as follows. First, the nonlinear analysis (relationship between board size and ROA) is necessary in future research. Second, analysis of each of the sub-committee is required. Third, future research is required for the development of board independence variable. Fourth, It is necessary to control industry effect sophisticatedly. Finally, there are required to use a variety of performance indicators.

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관련 논문AI추천

이사회 구조와 기업성과신종현, 이상휘한국금융공학회 · 金融工學硏究2011 · 제10권 제2호내부와 외부의 대주주가 이사회 구조에 미치는 영향 : 외환위기이후의 한국기업의 분석김주태한국전략경영학회 · 전략경영연구2007 · 제10권 제2호이사회의 구성이 경영성과에 미치는 영향이기열산업개발연구소 · 산업혁신연구2010 · 제26권 제4호Requirements and Roles of EffectiveOutside Directors김주태한국전략경영학회 · 전략경영연구2005 · 제8권 제2호이사회의 독립성이 기업성과에 미치는 영향 : CEO의 기업 내 경력과의 상호작용효과에 대한 연구김광수, 유재욱대한경영정보학회 · 경영과 정보연구2008 · 제24호외환위기이후 한국기업에서 사외이사제도의 도입에 관한 연구김주태한국산업경영학회 · 경영연구2004 · 제19권 제3호

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