Browse > Article
http://dx.doi.org/10.5392/JKCA.2016.16.03.346

The Influence of Family Member in Board of Directors on Firm Performance : A Moderating Effect of Professional CEO  

Nam, Yoonsung (동아대학교 경영학과)
Publication Information
The Journal of the Korea Contents Association / v.16, no.3, 2016 , pp. 346-353 More about this Journal
Abstract
This research examines the effect of family member in board of directors. In Korea, the ownership and management of a firm is not thoroughly separated and most of firms are managed by controlling family. These family officers have same intent with family CEOs who identify themselves with the firm and want to hand over it to their descendants. Thus, family officers will influence positively on firm performance. Besides, the moderating effect of professional CEO on the above relation will be also positive. It is because professional CEO will be curbed by family officers in board of directors. Under this condition, the potential self-interest seeking behavior will be minimized and the specialty of professional CEO will be manifested. 2,456 firm-year panel data are gathered in manufacturing listed firms from 2004 to 2010 and the result suggests that hypotheses are supported.
Keywords
Family Officer; Firm Performance; Professional CEO; Panel Data Analysis;
Citations & Related Records
연도 인용수 순위
  • Reference
1 R. La Porta, F. Lopez-De-Silanes, A. Shleifer, and R. Vishiny, 'Corporate Ownership around the World," Journal Of Finance, Vol.65, pp.471-517, 1999.
2 최우석, 이우백, "오너경영과 기업성과에 관한 실증연구," 재무연구, 제18권, pp.121-155, 2005.
3 서정일, 남윤성, "최고경영자의 기업 내 위계상 수직적 지위에 대한 연구," 경영연구, 제28권, 제2호, pp.59-80, 2013.
4 남윤성, "경영자유형에 따른 한국기업의 지배구조에 관한 연구," 전문경영인연구, 제16권, 제3호, pp.23-38, 2013.
5 M. Allen and S. Panian, "Power, Performance and Succession in the Large Corporation," Administrative Science Quarterly, Vol.27, pp.538-547, 1982.   DOI
6 S. Claessens, S. Djankov, and L. Lang, "The Separation of Ownership and Control in East Asian Corporations," Journal of Financial Economics, Vol.58, pp.81-112, 2000.   DOI
7 B. Villalonga and R. Amit, "How Do Family Ownership, Management and Control Affect Firm Value?," Journal of Financial Economics, Vol.80, pp.385-417, 2006.   DOI
8 E. Barth, T. Gulbrandsen, and P. Schone, "Family Ownership and Productivity: The Role of Owner-Management," Journal of Corporate Finance, Vol.11, No.1/2, pp.107-127, 2005.   DOI
9 R. Anderson and D. Reeb, "Founding Family Ownership and Firm Performance: Evidence from the S&P 500," Journal of Finance, Vol.58, pp.1301-1328, 2003.   DOI
10 R. Anderson and D. Reeb, "Board Composition: Balancing Family Influence in S&P 500 Firms," Administrative Science Quarterly, Vol.49, pp.209-237, 2004.
11 J. Davis, F. Schoorman, and L. Donaldson, "Toward a Stewardship Theory of Management," Academy of Management Review, Vol.22, No.1, pp.20-47, 1997.   DOI
12 H. James, "Owner as Manager, Extended Horizons and the Family Firm," International Journal of the Economics of Business, Vol.6, pp.41-56, 1999.   DOI
13 M. Kets de Vries, "The Dynamics of Family Controlled Firms: The Good and Bad News," Organizational Dynamics, Vol.54, pp.59-71, 1993.
14 F. Perez-Gonzalez, "Inherited Control and Firm performance," American Economic Review, Vol.96, No.5, pp.1559-1588, 2006.   DOI
15 L. Cronbach, "Statistical Tests for Moderator Variables: Flaws in Analysis Recently Proposed," Psychological Bulletin, Vol.102, pp.414-417, 1987.   DOI
16 임성준, 정형철, "산업특성과 CEO 특성간의 관계 및 이들 간의 적합성이 경영성과에 미치는 영향에 관한 연구," 전략경영연구, 제4권, pp.1-23, 2001.
17 김정진, 이기은, "최고경영자 교체유형 및 교체 원인의 결합유형과 기업성과 간의 관계," 대한경영학회지, 제22권, 제3호, pp.1563-1582, 2009.
18 김성훈, 박철순, "사외이사제도의 이론적 배경과 시대적 의미," 전략경영연구, 제3권, 제2호, pp.1-23, 2000.
19 J. Jaccard, C. K. Wan, and R. Turrisi, "The Detection and Interpretation of Interaction Effects between Continuous Variables in Multiple Regression," Multivariate Behavioral Research, Vol.25, No.4, pp.467-478, 1990.   DOI
20 C. N. Halaby, "Panel Models in Sociological Research: Theory into Practice," Annual review of sociology, pp.507-544, 2004.