지배구조개선과 감사보수에 관한 관련성 연구 -사외이사의 특성, 지분소유구조, 감사위원회 중심으로-

Abstract

This study examines the association between the Corporate Governance Improvement and Audit Fee(Characteristics of Outside Director, Ownership Structure, Audit Committee). Characteristics of Outside Director are board independence defined as the percentage of outside director, board expertise defined as an board containing at least one outside director with financial expertise, board activity defined as the outsider board participation. Ownership Structure, major shareholder’s holding, small investor shareholder’s holding, other investors shareholder’s holding were analyzed. It is based on Annual reports of 2,290 companies (exclude Financial, Banking business) that are closed an Account in December and registered in Korea Exchange from 2004 to 2009. The data on independence of Outside Director, expertise of Outside Director, activity of Outside Director, Ownership Structure, Audit Committee variables are collected from DART of Financial Supervisory Service (FSS). Other firm-specific financial data is collected from Kis-Value database. Regression analysis that were included control variables to be found significant results in the most previous works is selected as an audit fee model. The empirical results are summarized as follows. First, empirical results suggest that independence of Outside Director are significantly and positively associated with Audit Fee. And expertise of Outside Director are significantly and positively associated with Audit Fee. This result management and independent directors within the board the more outside directors, such as a fiscal expert with more transparency of accounting information and corporate surveillance audit to fulfill the role expansion of the scope and quality of audit fees increased by the appointment of auditors to show that is. Second, analysis results suggest that small investor shareholder’s holding is significantly and positively associated with Audit Fee. Major stockholder relations with the containment and monitoring the small investors of corporate ownership and the higher the effective monitoring activities inside and outside the enterprise will require transparency in providing information and a transparent, forcing companies to operate in high-quality auditor or Audit scope was expanded due to increased audit fees are determined. This result is in line with the view that companies with small investor shareholder's holdings follow the shareholder playing the management monitoring roles. Third, analysis results suggest that audit committee establishment is significantly and positively associated with Audit Fee. Limitations of this study, first, outside the variables of the selected variables used in previous studies were used. Variables of outside directors on the compensation of outside directors to expand to add a variable may yield different results if it is expected that. In addition, the independence of outside directors in relation to executive directors, even if that business other than those shown on the report about the special relationship that was not possible to determine whether, professional accountant or an accountant for a range of specialist subjects included in the very narrow If you proceed with the study results and other results of this study suggest that there can be calculated. It is expected that this study can provide a number of additional information on the relationships between corporate governance and audit fee. Characteristics and audit committee of outside directors to expand the definition of the characteristics of outside directors and audit committee and audit fees paid by measuring the relevance to the study is expected to come true. Based on this study, considering the time difference t-1 t year by year effort to improve corporate governance impact on the audit fee is expected that the study is done.