이사회 소유지분과 독립성이 중국 상장기업성과에 미치는 영향
The Effect of Ownership and Independence of Board of Directors on Corporate Performance in China
0
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
Purpose - We examine empirically the relationship between the board of directors and the corporate performance using board characteristics related variables. Design/methodology/approach - We empirically test the hypotheses using fixed effects models (FEM), using data of 3,703 listed non-financial companies in China from 2010 to 2019. Findings - First, the ownership of board of directors is positively related to ROA. Second, the size of the board of directors is positively related to ROA. Third, there is no evidence that interaction between characteristic variables related to the board of directors affect the corporate performance. Research implications or Originality These results show that as the board of directors has larger ownership, the degree of identity of interest between stock holders and the board becomes bigger to reduce agency cost, then it lets the board make decisions to improve the corporate performance. In addition, as the board of directors becomes bigger, the board has strong independence to play the role of monitoring and advising, then it leads to improvement of corporate performance.
Abstract
Purpose - We examine empirically the relationship between the board of directors and the corporate performance using board characteristics related variables. Design/methodology/approach - We empirically test the hypotheses using fixed effects models (FEM), using data of 3,703 listed non-financial companies in China from 2010 to 2019. Findings - First, the ownership of board of directors is positively related to ROA. Second, the size of the board of directors is positively related to ROA. Third, there is no evidence that interaction between characteristic variables related to the board of directors affect the corporate performance. Research implications or Originality These results show that as the board of directors has larger ownership, the degree of identity of interest between stock holders and the board becomes bigger to reduce agency cost, then it lets the board make decisions to improve the corporate performance. In addition, as the board of directors becomes bigger, the board has strong independence to play the role of monitoring and advising, then it leads to improvement of corporate performance.
참고문헌 (37)
- 김동회, "소유경영기업과 전문경영기업의 소유지배괴리도와 기업가치", 金融工學硏究, 10(1), pp.67~97 (2011), 한국금융공학회[DOI]
- 김유진, "기업지배구조 관점에서 신용등급 불일치의 원인에 대한 고찰", 회계저널, 30(3), pp.81~104 (2021), 한국회계학회[DOI]
- 김주현, "기업의 소유구조와 기업가치의 연관성에 관한 연구", 재무연구, 5, pp.129~154 (1992)
- 남혜정, "보험회사의 지배구조가 회계정보의 질에 미치는 영향", 보험학회지, (125), pp.93~116 (2021), 한국보험학회[DOI]
- 박기성, "소유 구조와 기업의 회계적 성과 및 Tobin-Q의 관계에 관한 연구", Asia-Pacific Journal of Financial Studies, 30, pp.297~326 (2002), 한국증권학회
- 박초화, "The Effects of Corporate Ownership and Governance Structures on Cash Holdings and Performance of Chinese Firms", 국제경영연구, 30(2), pp.1~36 (2019), 한국국제경영학회[DOI]
- 신종현, "이사회 구조와 기업성과", 金融工學硏究, 10(2), pp.153~187 (2011), 한국금융공학회[DOI]
- 유재욱, "이사회의 독립성이 기업성과에 미치는 영향 : CEO의 기업 내 경력과의 상호작용효과에 대한 연구", 경영과 정보연구, (24), pp.1~24 (2008), 대한경영정보학회[DOI]
- 유흔원, "기업지배구조가 신용등급과 자본비용에 미치는 영향에 관한 실증적 연구: 한국과 중국 상장기업을 중심으로", 국제회계연구, (94), pp.299~326 (2020), 한국국제회계학회[DOI]
- 이명기, "기업지배구조가 경영자 보상에 미치는 영향", 선물연구, 27(2), pp.165~191 (2019), 한국파생상품학회
- 전무경, "이사회 구조 및 독립성이 기업성과에 미치는 영향에 관한 연구", 기업경영연구, 20(2), pp.235~250 (2013), 한국기업경영학회
- 전인자, "기업지배구조와 자본비용－사외이사비율과 외국인투자자 지분율을 중심으로－", 세무회계연구, (63), pp.117~136 (2020), 한국세무회계학회[DOI]
- Abrahamson, E., "Concealment of Negative Organizational Outcomes : An Agency Theory Perspective", Academy of Management Journal, 37, pp.1302~1334 (1994)
- Agrawal, A., "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders", Journal of Financial and Quantitative Analysis, 31, pp.377~397 (1996)
- Boeker, W., "Power and Managerial Dismissal : Scapegoating at the Top", Administrative Science Quarterly, 37, pp.400~421 (1992)
- Coles, J. L., "Boards : Does One Size Fit All?", Journal of Financial Economics, 87, pp.329~356 (2008)
- Dalton, D., "Composition and CEO Duality in Boards of Directors : An International Perspective", Journal of International Business Studies, 18(3), pp.33~42 (1987)
- Demsetz, H., "The Structure of Corporate Ownership : Causes and Consequences", Journal of Political Economy, 93, pp.1155~1177 (1985)
- Fama, E. F., "Separation of Ownership and Control", Journal of Law and Economics, 26, pp.301~325 (1983)
- Ferrero-Ferrero, I., "The Impact of the Board of Directors Characteristics on Corporate Performance and Risk-taking Before and During the Global Financial Crisis", Review of Managerial Science, 6, pp.1~19 (2012)
- Geneen, H. S., "Why Directors Can’t Protect the Shareholders", Fortune, 17, pp.28~32 (1984)
- Jensen, M. C, "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems", Journal of Finance, 48(3), pp.831~880 (1983)
- Jensen, M. C., "Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structure", Journal of Financial Economics, 3, pp.305~360 (1976)
- Jian, Z., "The Impact of CEO Overconfidence, Board Characteristics on Innovation Performance : Empirical Evidence from Chiness A-Share Manufacturing Listed Companies", Science and Technology Management Research, 16, pp.169~176 (2018)
- Kesner, I. F., "Board Composition and the Commission of Illegal Acts : An Investigation of Fortune 500 Companies", Academy of Management Journal, 29, pp.789~799 (1986)
- McConnell, J. J., "Additional Evidence on Equity Ownership and Corporate Value", Journal of Financial Economics, 27, pp.595~612 (1990)
- Morck, R., "Management Ownership and Market Valuation : An Empirical Analysis", Journal of Financial Economics, 20, pp.293~315 (1988)
- Muth, M, "Stewardship Theory and Board Structure : A Contingency Approach", Corporate Governance : An International Review, 6, pp.5~28 (1998)
- Pi, L., "Corporate Control and Bank Efficiency", Journal of Banking and Finance, 17(2-3), pp.515~530 (1993)
- Raheja, C. G., "Determinants of Board Size and Composition : A Theory of Corporate Boards", Journal of Financial and Quantitative Analysis, 40(2), pp.283~306 (2005)
- Rechner, P. L., "The Impact of CEO as Board Chairperson on Corporate Performance : Evidence vs. Rhetoric", Academy of Management Executive, 3(2), pp.141~143 (1989)
- Shi, D., "The Research on Interaction Effect between Ownership Structure and Board Governance Efficiency", Journal of Tongling University, 4, pp.33~62 (2014)
- Stulz, R., "Managerial Control of Voting Rights : Financing Policies and the Market for Corporate Control", Journal of Financial Economics, 20, pp.25~54 (1988)
- Wang, A., "Analysis of the Impact of the Characteristics of Public Company’s Board on Company Performance", Journal of Technical Economics & Management, 3, pp.6~9 (2009)
- Yermack, D., "Higher market valuation of companies with a small board of directors", Journal of Financial Economics, 40(2), pp.185~211 (1996)
- Zhang, W., "Analysis of the Impact of the Characteristics of Public Company’s Board on Company Performance", Accounting and Finance, 2, pp.93~95 (2010)
- Zhao, X., "The Study Between Proportion of Independent Directors, the Board Size and Corporate Performance", Journal of Zhengzhou Institute of Aeronautical Industry Management, 33(4), pp.63~68 (2015)