경영과학 (Korean Management Science Review)

한국경영과학회 (The Korean Operations Research and Management Science Society)
권호 표지
DOI QR코드

DOI QR Code

사회네트워크 중심성 지표를 이용한 기업집단 소유네트워크 분석

A Study on Applying Social Network Centrality Metrics to the Ownership Networks of Large Business Groups

  • 박찬규 (동국대학교 경영대학 경영학부)
  • 투고 : 2015.03.02
  • 심사 : 2015.05.19
  • 발행 : 2015.06.30
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

Large business groups typically have central firms through which their controlling families establish (or acquire) new firms and maintain control over other member firms. Research on corporate governance has developed metrics to identify those central firms and investigated an impact of the centrality on ownership structure and firm's financial performance. This paper introduces centrality metrics used in social network analysis (SNA) to measure how crucial a role each firm plays in the ownership structure of its business group. Then, the SNA centrality metrics are compared with the metrics developed in corporate governance field. Also, we test the relationship between the SNA centrality metrics and firm's value. Experimental results show that the SNA centrality metrics are closely correlated with the centrality metrics used in corporate governance and are significantly correlated with firm's value.

키워드

참고문헌

  1. 강형철, 박경서, 장하성, "한국 재벌기업집단의 그룹구조 결정요인에 관한 연구",재무연구, 제19권, 제1호(2006), pp.187-230.
  2. 강형철, 박경서, 장하성, "한국상장기업에 있어 지배주주 지분율의 결정요인 : 기업가치와 통제권간의 선택",증권학회지, 제35권, 제6호(2006), pp.39-75.
  3. 공정거래위원회, http://www.ftc.go.kr, 2014.
  4. 김경수, 김우택, 박상수, 장대홍, "한국상장기업을 위한 토빈 Q의 추정",한국경제의 분석, 제 2권, 제2호(1996), pp.147-175.
  5. 김우택, 장대홍, 김경수, 박상수, "토빈 Q와 대체적 성과측정변수와의 관계",재무관리연구, 제13권, 제1호(1996), pp.185-202.
  6. 대규모 기업집단 정보공개시스템, http://groupopni.ftc.go.kr, 공정거래위원회, 2014.
  7. 박병선, 곽기영, 김선웅, 최흥식, "사회연결망 분석 기법을 활용한 기업지배구조와 기업성과 연구", 경영과학, 제29권, 제2호(2012), pp.167-184. https://doi.org/10.7737/KMSR.2012.29.2.167
  8. 박찬규, "대규모 기업집단의 순환출자 해소를 위한 휴리스틱 기법",한국경영과학회지, 제 38권, 제4호(2013), pp.65-78. https://doi.org/10.7737/JKORMS.2013.38.4.065
  9. 박찬규, "의결권 최대화를 목적으로 하는 순환 출자 해소 휴리스틱 방법",한국경영과학회지, 제39권, 제4호(2014), pp.97-114. https://doi.org/10.7737/JKORMS.2014.39.4.097
  10. 임병진, 임병학, "CJ 그룹의 지배구조를 통한 기 업 네트워크의 역할자 분석에 관한 연구 : 사회네트워크 분석 접근법을 중심으로",전문경영인연구, 제15권, 제3호(2012), pp.307-319.
  11. 장덕진, "기업집단 지배구조", 배규한, 한준, 김우식 외,변하는 사회, 기업의 대응전략, 지식마당, 2002.
  12. 최충규,대규모 기업집단의 출자 연결망 분석 : 중앙성, 응집성, 및 위세를 중심으로, 한국경제연구원, 2009.
  13. 한국거래소, 주요그룹 시가총액 및 주가 등락, 보도자료(2014년 2월 14일), 2014.
  14. Aikawa, Y., New Capitalism and Holding Companies, Tokyo Bankers Association. Tokyo, 1934.
  15. Almeida, H.V. and D. Wolfenzon, "A theory of pyramidal ownership and family business groups," Journal of Finance, Vol.61, No.6(2006), pp.2637-2680. https://doi.org/10.1111/j.1540-6261.2006.01001.x
  16. Almeida, H., S.Y. Park, M.G. Subrahmanyam, and D. Wolfenzon, "The structure and formation of business groups : Evidence from Korean chaebols," Journal of Financial Economics, Vol.99 (2011), pp.447-475. https://doi.org/10.1016/j.jfineco.2010.08.017
  17. Bae, K., J. Kang, and J. Kim, "Tunneling or value added? Evidence from mergers by Korean Business Groups," Journal of Finance, Vol.57, No.6(2002), pp.2695-2740. https://doi.org/10.1111/1540-6261.00510
  18. Baek, J., J. Kang, and K. Park, "Corporate governance and firm value : Evidence from the Korean financial crisis," Journal of Financial Economics, Vol.71, No.2(2004), pp.265-313. https://doi.org/10.1016/S0304-405X(03)00167-3
  19. Barabasi, A.-L. and R. Albert, "Emergence of scaling in random networks," Science, Vol.286 (1999), pp.509-512. https://doi.org/10.1126/science.286.5439.509
  20. Bertrand, M., P. Mehta, and S. Mullainathan, "Ferreting out tunnelling : An application to Indian business groups," Quarterly Journal of Economics, Vol.118(2002), pp.121-148.
  21. Bonacich, P., "Power and centrality : A famliy of measures," American Journal of Sociology, Vol.92, No.5(1987), pp.1170-1182. https://doi.org/10.1086/228631
  22. Borgatti, S.P., Centrality and network flow, Social Networks, Vol.27(2005), pp.55-71. https://doi.org/10.1016/j.socnet.2004.11.008
  23. Claessens, S., S. Djankov, and L. Lang, "The separation of ownership and control in East Asian corporations," Journal of Financial Economics, Vol.58(2000), pp.81-112. https://doi.org/10.1016/S0304-405X(00)00067-2
  24. Claessens, S., S. Djankov, J. Fan, and L. Lang, "Disentangling the incentive and entrenchment effects of large shareholdings," Journal of Finance, Vol.57(2002), pp.2379-2408. https://doi.org/10.1111/1540-6261.00500
  25. Davis, G.F. and H.R. Greve, "Corporate elite networks and governance changes in the 1980s," American Journal of Sociology, Vol.103, No.1 (1997), pp.1-37. https://doi.org/10.1086/231170
  26. Davis, G.F., M. Yoo, and W.E. Baker, "The small world of the American corporate elite, 1982-2001," Strategic Organization, Vol.1, No.3 (2003), pp.301-326. https://doi.org/10.1177/14761270030013002
  27. Ferris, S., A. Kim, and P. Kitsabunnarat, "The cost(and benefit?) of diversified business groups : the case of Korean chaebols," Journal of Banking and Finance, Vol.27(2003), pp.251-273. https://doi.org/10.1016/S0378-4266(01)00248-5
  28. Grassi, R., "Vertex centrality as a measure of information flow in Italian corporate borad networks," Physica A, Vol.389(2010), pp.2455-2464. https://doi.org/10.1016/j.physa.2009.12.069
  29. Haggard, S., W. Lim, and E. Kim, Economic Crisis and Corporate Restructuring in Korea, Cambridge University Press, 2003.
  30. Joh, W., "Corporate governance and profitability : Evidence from Korea before the economic crisis," Journal of Financial Economics, Vol.68(2003), pp.287-322. https://doi.org/10.1016/S0304-405X(03)00068-0
  31. Johnson, S., R. La Porta, F. Lopez-de-Silanes, and A. Shleifer, "Tunneling," American Economic Review, Vol.90, No.2(2000), pp.22-27. https://doi.org/10.1257/aer.90.2.22
  32. Katz, L., "A new status index derived from socio-metric analysis," Psychometrika, Vol 18(1953), pp.39-43. https://doi.org/10.1007/BF02289026
  33. Khanna, T. and K. Palepu, "Is group affiliation profitable in emerging market? An analysis of diversified in Indian business groups," Journal of Finance, Vol.55, No.2(2000), pp.867-893. https://doi.org/10.1111/0022-1082.00229
  34. Khanna, T. and J.W. Rivkin, "Estimating the performance effects of business groups in emerging markets," Strategic Management Journal, Vol.22, No.1(2001), pp.45-74. https://doi.org/10.1002/1097-0266(200101)22:1<45::AID-SMJ147>3.0.CO;2-F
  35. Kim, W., Y. Lim, and T. Sung, "Group control motive as a determinant of ownership structure in business conglomerates : Evidence from Korea's chaebols," Pacific-Basin Finance Journal, Vol.15(2007), pp.213-252. https://doi.org/10.1016/j.pacfin.2006.05.003
  36. Kleinberg, J.M., "Authoritative sources in a hyper-linked environment," Journal of the ACM, Vol.46(1999), pp.604-632. https://doi.org/10.1145/324133.324140
  37. La Porta, R., F. Lopez-de-Silanes, and A. Shleifer, "Corporate ownership around the world," Journal of Finance, Vol.54(1999), pp.471-518. https://doi.org/10.1111/0022-1082.00115
  38. Lemmon, M.L. and K.V. Lins, "Ownership structure, corporate governance, and firm value : Evidence from the East Asian financial crisis," Journal of Finance, Vol.58(2003), pp.1445-1468. https://doi.org/10.1111/1540-6261.00573
  39. Lins, K., "Equity ownership and firm value in emerging markets," Journal of Financial and Quantitative Analysis, Vol.38(2003), pp.159-184. https://doi.org/10.2307/4126768
  40. Morck, R., Wolfenzon, D., Yeung, B., "Corporate governance, economic entrenchment, and growth," Journal of Economic Literature, Vol.43, No.3(2005), pp.655-720. https://doi.org/10.1257/002205105774431252
  41. Newman, M.E.J., Networks : An Introduction, Oxford University Press, 2010.
  42. Park, C., Y. Seo, and H. Shin, "An optimization approach to resolving circular shareholding in large business groups," Journal of the Operational Research Society, Forthcoming, 2015.
  43. Tobin, J., "Money, capital, and other stores of value," American Economic Review Papers and Proceedings, Vol.51, No.2(1961), pp.26-37.