한국 대규모기업집단과 최고경영자교체

Abstract

This study empirically analyses the effect of the Korean large conglomerate(the Chaebol) on the CEO turnover. we uses unbalanced panel data for listed companies in the Korea Stock Exchanges over the period from 2000 to 2012. Corporate performances, financial ratios, and equity ratios were collected from KIS-VALUE DB provided by Korea Investors Service and TS2006 provided by Korea Listed Companies Associate. Materials regarding CEO turnover were surveyed from KIND, corporate disclosure system of the Korea Exchange. We control for endogeneity of corporate performance variables and CEO turnover by employing the Two-Stage Random Effect(RE) panel probit model. The major empirical Results are as follows. First, Korean large conglomerate is significantly positive related to the CEO turnover, that is, the companies belonged to the Chaebol is the significantly higher the CEO turnover probability than them belonged to the non-Chaebol. Second, an decrease in the equity ratio of the largest shareholder and the foreign investors are found to lead to a increase in the CEO turnover probability significantly. On the other hand, the lower rate of return on stocks, which measure an market performance of company, shows the significantly higher the probability of the CEO turnover. But. the lower ratio of operating income to total assets, which measure an accounting performance of company, does not significantly. Third, the ratio of sales growth has a significantly positive effect on the CEO turnover, but the debt ratio has a non-significant effect. Forth, In large companies, the large conglomerate show a significantly positive effect on the CEO turnover. The equity ratio of the foreign investors is positively related to CEO turnover but the equity ratio of the largest shareholder is non-significant. Accounting and market performance variable of large companies are significantly negative effect on the CEO turnover, but the debt ration is significantly positive effect on it. Meanwhile, in small and medium sized companies, the large conglomerate is not significant effect on the CEO turnover. The equity ratio of the foreign investors is significantly negative related to CEO turnover probability but the equity ratio of the largest shareholder is not significantly related to it. It shows that ratio of operating income to total assets in the small and medium sized companies is significantly positive effect on the CEO turnover, but the rate of return on stocks is significantly negative effect on it. Fifth, we analyses on the moderating effect of the increase of equity ratio and corporate performance between the large conglomerate and CEO turnover. The empirical study shows that in the total sample and the large companies, the higher the equity ratio of the foreign investors, the lower the CEO turnover probability even if that is the companies including the large conglomerate. This study has a significance in the way that it produced a meaningful result by direct analyzing the effect of the large conglomerate on the CEO turnover. Depending on whether the CEO turnover is voluntary or forcible, the effect of the large conglomerate on the CEO turnover could be different. In the future, more researches on how the types of the CEO turnover may affect the results should be needed.