Journal of the Korea Convergence Society (한국융합학회논문지)

Korea Convergence Society (한국융합학회)
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The Effect of Management and Ownership Share by Family Governance on the Credit Ratings of Corporate Bonds

가족지배에 의한 경영과 소유지분이 회사채신용등급에 미치는 영향

  • Kim, Seon-Gu (Division of Business Adminstration, Hansei University)
  • 김선구 (한세대학교 국제경영학과)
  • Received : 2019.01.18
  • Accepted : 2019.04.20
  • Published : 2019.04.28
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Abstract

The purpose of this study is to test whether credit rating agencies highly evaluate the credit ratings of corporate bonds based upon management participation and ownership share by family governance in ownership structure forms. The samples of this study for empirical analysis were 1,449 non-financial companies listed on Korean Exchange from 2011 to 2016, over whose firm/year data this study conducted regression analysis. The results of empirical analysis in this study are as follows. First, family businesses had positive effects on the evaluation of corporate credit ratings. Second, if the ownership share of family businesses was higher, corporate credit ratings were higher. This result means that high ownership share in family businesses has very positive effects on the credit ratings of related businesses. It is meaningful that this study tested the effect that family businesses can alleviate agency problems and reduce information asymmetry. Furthermore, it is also academically meaningful that this study can contribute to future studies on the role of ownership structure.

본 연구에서는 신용평가기관이 소유구조 형태가 가족지배에 의한 경영 참여와 소유지분율이 회사채신용등급을 높게 평가하는지를 검증하였다. 실증분석을 위한 표본은 2011년부터 2016년까지 한국거래소에 상장된 1,449개 비금융기업의 기업/년 자료를 대상으로 회귀분석을 실시하였다. 실증분석 결과는 다음과 같다. 첫째, 가족기업 여부가 기업의 신용등급 평가에 긍정적인 영향을 미치고 있는 것으로 나타났다. 둘째, 가족기업의 소유지분이 높을수록 기업의 신용등급이 더욱 높게 나타났다. 이러한 결과는 가족기업임과 동시에 그들의 소유지분이 높을수록 해당 기업의 신용등급에 매우 긍정적인 영향을 미치고 있음을 의미하는 것이다. 본 연구는 가족기업의 대리인 문제를 완화시키고 정보비대칭을 감소시키는 효과를 검증하였다는 측면에서 의미가 있으며, 소유구조의 역할에 의한 후속 연구에 기여할 수 있다는 점에서 학문적인 의의도 있다.

Keywords

Table 1. Sample distribution

OHHGBW_2019_v10n4_175_t0001.png 이미지

Table 2. Credit rating distribution by year and rating

OHHGBW_2019_v10n4_175_t0002.png 이미지

Table 3. Descriptive statistics

OHHGBW_2019_v10n4_175_t0003.png 이미지

Table 4. Correlation matrix

OHHGBW_2019_v10n4_175_t0004.png 이미지

Table 5. The results of analyzing the effect of family businesses on credit ratings

OHHGBW_2019_v10n4_175_t0005.png 이미지

Table 6. The results of analyzing the effect of ownership share in family businesses on credit ratings

OHHGBW_2019_v10n4_175_t0006.png 이미지

Table 7. The results of analyzing the difference between groups according to the ownership share of family businesses

OHHGBW_2019_v10n4_175_t0007.png 이미지

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