사외이사 임면이 기업지배구조와 주가에 미치는 영향에 관한 연구
The Effects of Appointment or Dismissal of Outside Directors on Corporate Governance and Stock Price
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본 연구는 사외이사 선임 및 해임공시에 대한 주가반응과 기업지배구조그룹별 주가반응의 차이점에 대하여 측정하였다. 사건연구 방법으로 시장조정모형(market-adjusted returnmodel)을 이용하여 사건발표일 전후 기간 -20∼+20일에 대한 비정상수익률과 누적 비정상수익률의 추이를 분석하였다. 연구 결과 사외이사 선임공시가 주가에 긍정적인 영향을 보인다는 기존의 연구결과 와는 달리 한국의 경우 사외이사 선임공시가 주가에 긍정적인 영향을 미치지 못하였다. 그러나 사외이사 선임공시에 따른 주가 반응을 지배구조 그룹별로 분석을 했을 경우 지배구조가 좋은 기업들이 그렇지 않은 기업들보다 사외이사선임에 대하여 누적 비정상수익률의 크기가 큰 것으로 나타났다. 사외이사 해임공시에 대한 주가반응에 있어 지배구조 그룹에 따라서 차이를 나타냈다. 또한 사외이사 중도해임의 경우 기업들이 투자가들에게 정보의 비대칭성에 대한 우려를 일으키게 되어 주가에 부정적으로 반응하는 것으로 나타났다.
Abstract
This study examines the effects of corporate governance on Korean firm values. In particular, with regard to the quality of corporate governance structure, I look into the stock price impacts of the appointment or dismissal of outside directors. I used event study and t-test methods were used for the empirical tests on the effects of the announcement effects of the appointment and dismissal of outside directors. As for the announcement effect of the appointment or dismissal of outside directors, I found that the stock price reaction depended on the quality of corporate governance structure, and further that the dismissal of outside directors, especially for firms with inferior corporate governance structure has a negative impact on stock prices, possibly due to the information asymmetry problem.
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