• The Korean Journal of Financial Studies
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• v.9 no.1
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• pp.37-67
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• 2003

현재 기업지배구조의 개선은 OECD 및 세계은행, CalPERS 등의 국제기관투자자는 물론이고 각국정부의 주요 과제로 등장하고 있다. 한국의 경우 기업지배구조의 개선이 핵심적인 경제이슈로 부각된 것은 1997년말에 닥친 외환위기와 극심한 불황을 당하고 나서라고 할 수 있다. 그후 외환위기의 극복과정에서 기업지배구조 모범규준 제정, 이사회 및 감사기구의 강화, 소수주주의 권한 강화, 기관투자자(외국인투자자 포함) 및 시민단체의 활동강화, 기업지배권 시장의 활성화 등 주로 정부주도에 의한 제도변화가 급속하게 도입 시행되었다. 일본의 경우에는 기업지배구조 개선에 대한 공식적인 논의는 한국보다 앞섰으나 제도의 도입과 실행은 한국에 비하여 상당히 늦었다. 2001년 12월의 상법개정에서 감사역의 독립성 강화, 사외감사역 제도의 충실화, 취체역의 책임경감, 주주대표 소송의 합리화 등 비교적 큰 폭의 제도개선이 이루어졌다. 그러나 사외이사를 중심으로 하는 미국식 이사회 제도의 채택은 향후의 개혁방향에 포함되어 있다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.1
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• pp.129-136
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• 2014

This paper examines the effects of dominating large shareholders and foreign blockholders on credit ratings. An effective governance mechanism is expected to lead to higher credit ratings through its impact on default risk of the firm. Our results show that dominating large shareholders have an adverse impact on credit ratings of domestic firms on the level of its statistical significance. Foreign shareholders are positively associated with credit ratings, contributing to the higher credit worthness of domestic firms.

• Journal of Digital Convergence
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• v.16 no.9
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• pp.125-132
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• 2018

Despite the fact that corporate real estate ratio accounts for a considerable proportion of the assets, such researches and studies are lacking and there is not enough such policies to utilize real estate more effectively in Korea. In particular, after IFRS adoption, the owner and manager needs to utilize corporate real estate assets as the assets are revalued. In this study, we analyzed the relationship between corporate governance, corporate real estate holding policies and firm value based on financial data from 2010 to 2016. As a result of regression analysis, this study showed that more Dictatorship Portfolio, the higher proportion of corporate real estate holdings. Next, the higher proportion of corporate real estate holdings, the lower the firm value. This study suggests that corporate real estate is recognized an important factor and should have proper holding ratio. I will continue my research to show that the corporate holding policies are an important asset impact by verifying the mediating effect between corporate governance and firm value in the future.

• Journal of Digital Convergence
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• v.15 no.12
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• pp.213-219
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• 2017

In recent years, the definition of corporate governance is a stakeholder-oriented corporate governance that can meet the needs of sustainability management and corporate social responsibility. The purpose of this study is to empirically analyze the effect of corporate governance on employees and creditors corporate governance on earnings management by using regression analysis. The results show that the corporate governance of employees and creditors plays a role in reducing the simultaneous profit management of discretionary accruals, which is the accrual of asset impairment loss, which is the accrual of negative I could confirm. The results of the empirical analysis show that stakeholder-centered corporate governance can play a role in controlling managers' behavior and market. In addition, the results of this study suggest that the responsibility of stakeholders as corporate governance is important for sustainable management of modern corporations where corporate social responsibility is important.

• International Area Studies Review
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• v.17 no.4
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• pp.23-42
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• 2013

This paper examines the effects of corporate governance on internationalization in Korean firms. Using the data from 454 Korean manufacturing firms listed in the Korean Stock ExchanFge (KSE) from 1999-2006, we analyzed the role of corporate governance on internationalization in Korean firms, including Chaebols (Korean business groups) and family firms. In addition, we investigated the moderating effect of concentration of ownership on internationalization. The results of the analysis showed a positive association between corporate governance in Chaebols and family firms and internationalization. Interestingly, the influence of ownership concentration overpowered the ambivalent behaviors of Chaebols, leading to less internationalization. We conclude that corporate governance in Chaebols and family firms is important to internationalization strategy.

• Management & Information Systems Review
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• v.34 no.2
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• pp.193-206
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• 2015

The purposes of this paper are to investigate the impact of managers' agency problem on asymmetrical behavior of SG&C and to examines whether or not the corporate governance mechanisms can have any moderating effects on Asymmetrical behavior of SG&C. To test empirically the above mentioned purposes, we gathered firm-year data of manufacturing firms from 2007 to 2012 and the sample firms are listed on the Korean Stock Exchange. The findings of this research are summarized as follows: Firstly, for those firms whose agency problems are high, the stickiness of SG&A increases as sales variation. The results imply that managers are not willing to reduce their perquisite consumption in proportion with sales reduction. Secondly, we investigate how corporate governance mechanisms influence the cost stickiness behaviors of SG&A for those firms whose agency problem are high(above the median value of free cash flow used as a proxy of agency problem). The results are that as the effectiveness of corporate governance mechanisms improve the cost stickiness of SG&A mitigation except for the insider ownership. These results show that agency problem has impact on the asymmetrical behavior of SG&A. And effective governance mechanisms have moderate effects on the reducing stickiness behavior of SG&A caused by agency problem.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.6
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• pp.104-112
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• 2019

This study has empirically analyzed how far corporate governance and CSR(Corporate Social Responsibility) fit are related based on prior research indicating that corporate governance is one of the primary factors. Previous research suggested that there may be different types of CSR fit, but there have been only limited number of empirical studies. This study filled this gap by categorizing CSR fit into three types (functional fit, target fit, and size fit) and investigating whether different types have different effects. We used data from the Corporate Social Responsibility White Paper for the 2009-2012 period, as well as the Korea Corporate Governance Service (KCGS) index. As a result, we found that there is a negative (-) relationship between corporate governance and CSR fit(${\beta}=-.023$, p<.05). This can be interpreted that companies with weak corporate governance are attempting to increase the trust level of stakeholders and to reduce the uncertainty of CSR through high-CSR-fitted programs. The test results showed that functional fit and target fit both had negative (-) relationships with corporate governance (${\beta}=-.021$, p<.05; ${\beta}=-.016$, p<.1), while size fit did not have a significant correlation with corporate governance (${\beta}=-.005$, p=.511). The results of this study supported the previous studies' suggestions that CSR fit has different effects on each type, indicating a need for further reflection on the relationship between corporate governance and CSR fit. Also, the results of this study showed that corporations should take a strategic approach to operating CSR fit.

• Journal of the Korea Convergence Society
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• v.10 no.11
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• pp.367-374
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• 2019

This study aims to examine the impact of corporate governance systems on the relationship between R&D investment and the performance of Chinese firms. The sample firms were obtained from the statistical yearbook of Chinese high-tech firms. We implement a multiple-regression analysis for an empirical examination. The findings of showed that the separation of the board chair with CEO strengthen the R&D investment-performance relationship of Chinese firms. However, the outsider ratio of the board was found to negatively moderate that relationship. This study provides practical guidelines for Chinese firms undertaking R&D management and corporate governance systems. It also encourages future study on the effects of corporate governance as the means for R&D investment management.

• Journal of Korea Society of Industrial Information Systems
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• v.24 no.1
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• pp.81-94
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• 2019

The corporate social responsibility has become an industry norm, and the majority of companies have adopted corporate social responsibility (CSR) activities due to institutional pressure. This paper suggests that chief executive officer (CEO) characteristics and governance mechanisms such as CEOs hubris, outside directors, and foreign ownership can influence a managerial decision of following the norm in adopting CSR. This paper argues that a CEO with hubris carry out CSR considerably less or more than a CEO without hubris because a CEO with hubris are known to have a tendency to refuse to follow the norm from institutional pressure. On the contrary, corporate governance mechanisms can guide a CEO to follow the industrial norm related to CSR because governance mechanisms tend to control CEO to reduce managerial uncertainty. The results show that CEO with hubris has a positive relationship with the degree of CSR deviation while governance mechanisms have a negative relationship. In addition, governance mechanisms negatively moderate the relationship between CEO with hubris and with the degree of CSR deviation.

• Journal of Industrial Convergence
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• v.19 no.5
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• pp.13-19
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• 2021

In this study, the relationship between R&D investment and firm value was approached from ESG's G(governance) perspective to verify the moderating effect of the corporate governance and ownership structure. To this end, a panel analysis was conducted on a total of 2,825 samples of 405 manufacturing companies listed on the KOSPI market during 2013~2020. The main analysis results are as follows. First of all, we found that R&D investment has a negative impact on firm value, at least in the short term, and that these relationships are moderated by corporate governance and ownership structure. When professional CEO with high level of expertise in business and management does lead R&D investment, the negative impact of R&D investment on firm value is mitigated compared to owner-manager. Also, the stronger the power of outside blockholders, the more transparent the management and disclosure of information, alleviating the information asymmetry between internal and external shareholders, which mitigates the negative impact of R&D investment on firm value. The findings suggest that the factors of ESG may not only have a direct impact on firm value, but also have a moderating effect on firm value.