• Title/Summary/Keyword: 소유구조

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An Empirical Study on the Determinants of Ownership Structure of Listed Companies in Korea : Evidence from Panel Data (우리나라 상장기업의 소유구조 결정요인에 관한 실증적 연구 : 패널자료로부터의 근거)

  • Lee, Hae-Young;Lee, Jae-Choon
    • The Korean Journal of Financial Management
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    • v.20 no.2
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    • pp.41-72
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    • 2003
  • The purposes of this paper are to build theoretical and empirically testable model to identify determining factors of ownership structure, and to analyze this model empirically using th Korea Stock Exchange panel data, and to test the impact of opening the stock market on the determinants of ownership structure. The determining factors of ownership structure identified in this paper include debt ratio, dividend, asset characteristics, profitability, growth business risk, size, institutional investors and chaebol-non chaebol dummy variable. Empirical panel estimation test reveals that this model can explain about $9\sim11%$ of the cross sectional variance in the equity ratio of large shareholders. The reasons that this model has too explanatory power are that some variables were measured with errors, and that there were some omitted variables in tested model. The regression results on the model variables ar generally in line with predictions. But the coefficient estimates on size is never significant. And it appears that the exogenous variable which explains opening the stock market has positive effect on the determinants of ownership structure.

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내부자(內部者) 소유구조(所有構造)가 배당정책(配當政策)에 미치는 영향(影響)에 관한 실증적(實證的) 고찰(考察) - 배당성향(配當性向)과 배당조정계수속도(配當調整計數速度)를 중심(中心)으로 -

  • Ju, Sang-Yong
    • The Korean Journal of Financial Management
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    • v.10 no.1
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    • pp.125-140
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    • 1993
  • 배당정책결정(配當政策決定) 설명 이른들 중에는 배당신호가설(配當信號假說)과 배당대리인비용가설(配當代理人費用假說)이 있다. 본 연구는 대리인비용(代理人費用)이 배당성향과 배당조정계수속도에 미치는 영향을 대리인비용의 대용치인 내부자소유구조(內部者所有構造)와의 관계분석을 통해 고찰(考察)해 봄으로써 두 가설(假說)에 대한 검증을 시도하였다. Value Line Investment Survey에 수록된 기업들 중 일정기준들을 만족시키는 238개 표준기업들을 대상으로 Lintner모델의 배당성향 및 배당조정계수속도가 내부자소유구조의 일차함수(一次函數)라는 가정하에 Lintner모델에 대하여 시계열/비선형 횡단면 회귀분석(回歸分析)을 행하였다. 분석 결과는 배당성향, 배당조정계수, 모두 1%의 유의수준(有意水準)에서 내부자소유구조와 유의적인 부(負)의 관계를 나타내고 있다. 이것은 내부자소유구조가 큰 기업일수록 다른 조건이 동일 하다면 내부자에 대한 배당가치가 적어지기 때문인 것으로 풀이된다.

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The Effect of Controlling Shareholders md Related-Party Transactions on Firm Value (대주주 소유구조 및 연계거래 여부가 기업가치에 미치는 영향에 관한 실증연구)

  • Lee, Won-Heum
    • The Korean Journal of Financial Management
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    • v.23 no.1
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    • pp.69-100
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    • 2006
  • We examine the effect of controlling shareholders ownership structure and related-party transactions(hereafter 'RPT') of publicly traded companies on their firm values during the post-IMF period. In the multivariate regression analysis using control variables such as firm size, capital structure, investment, dividend, profitability and industry dummy that might affect firm values, we find that there exists a significant negative relation between the controlling shareholders ownership structure and firm values proxied by Tobin's Q, and also find that there is a significant negative relation between RPT and the firm values. Those evidences seem to support the controlling shareholders' expropriation hypothesis. Additionally, we investigate the relation between ownership structure and rim value through the piecewise regression analysis. We find a significant 'inverse' U-shape pattern between the controlling shareholders ownership structure and firm values. This result is quite different from the existing literatures that have usually reported an U-shape pattern. In conclusion, the findings in this study do not support the notion that the ownership concentration to the controlling shareholders does negatively affect the firm values monotonically.

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The Effect of Ownership Structure on IPO Success: Empirical Evidence from Non-listed Firm (비상장기업의 소유구조가 IPO 성공에 미치는 영향)

  • Kim, Sowon;Cho, Shin;Jo, Jeehyung
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.16 no.3
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    • pp.145-158
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    • 2021
  • The purpose of this study is to examine the influence of the ownership structure of unlisted firms on KOSDAQ listing. There are few studies analyzing the characteristics of listing success based on ownership structure. For startup executives, there is not enough data to refer to the ownership structure that can increase the possibility of listing. This paper examines the effects of ownership structure on IPO success through comparison between listed successful and failed companies among the companies in application for KOSDAQ listing eligibility review. The major findings are as follows; (1) Venture capital investment and shareholding have a statistically positive effect on the success of KOSDAQ listing. This results indicate that the venture capital's investment alleviate the problem of information asymmetry, and it is a valid signal for market participants. The result means the role of venture capital seems to be important when companies are listed on the KOSDAQ. (2) The largest shareholder's stake has an inverted-U shape relationship with listing success. In other words, the ownership concentration mitigates moral hazard problem, which leads to listing success. However, if the ownership concentration exceeds a certain level, the chances of success in listing will decrease due to concerns over the pursuit of private interests. The result suggests that the largest shareholder's stake reduce agency problem. This study academically contributes to the existing literature by demonstrating the ownership structure affects IPOs, and explaining the results based on agent theory and signal theory. Our results provide practical implications for companies preparing for an IPO on the KOSDAQ.

Antecedents of Exploration Activities: Focused on Internal Ffactors (탐험활동의 선행요인: 기업 내부특성을 중심으로)

  • Lee, Hyo Jin;Huh, Moon-Goo
    • Journal of Technology Innovation
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    • v.22 no.2
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    • pp.105-129
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    • 2014
  • In order to identify the antecedents of organization's exploration activities, this study focuses on internal factors. There are many theoretical and empirical studies for an organization's exploration activities, while the research on antecedents is limited. This study is aimed at the manufacturing industry in Korea from 1998 to 2012 using data from 15 years of slack, ownership structure, and TMT diversity. The study examined the impact of these firm-specific factors on firm's exploration activities. As a result, a company's exploration activities and slack have positive relationship. Between insider ownership and exploration activities, the hypothesis was not supported. Also, the relationship between TMT diversity and exploration activities was dismissed. Finally, based on the results of this analysis, the contribution of this study, limitations and implications are drawn.

Determinants of the Ownership Structure of Franchise Systems: Theory and Evidence (프랜차이즈 시스템의 소유구조 결정요인: 이론과 증거)

  • Lim, Young-Kyun;Byun, Sook-Eun;Oh, Seung-Su
    • Journal of Distribution Research
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    • v.16 no.3
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    • pp.33-75
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    • 2011
  • The ownership structure of a franchise system is determined by the franchisor's strategic choice. A close look at the extant theories and perspectives in economics and management such as resource scarcity theory, agency theory, transaction cost analysis, and mixed ownership theory reveals that firms choose their ownership structure for the sake of economic efficiency, profit potentials, the chance of survival, and other strategic concerns. The present study, on the basis of strategic choice perspective, reviews the divergent theories of a franchise system's ownership structure and its determinants, thus providing a theoretical framework for comparing the contradictory arguments along the several critical dimensions. We also developed and tested the conflicting hypotheses regarding key determinants of ownership structure including firm's age, size, transaction-specific investments, uncertainty, and risk-sharing propensity. Using a FDD (Franchise Disclosure Document) data set of 543 Korean franchisors, we found that the years in business, the total number of employees, days of training, the inverse of the years of franchising, and the requirement of royalty payment have positive relationships with the proportion of company-owned outlets to total number of outlets. On the other hand, the proportion of company-owned outlets was found to have negative relationships with the total number of outlets and the extent of geographic dispersion of outlets, but to have no significant relationships with the initial investment required and the inverse of contract length. Based on the findings, we provide several theoretical and managerial implications for studying ownership structure of franchise systems.

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The Impact of Over-investment on the Market Value of Cash Holdings: Focusing on Ownership Structure (소유구조에 따른 과잉투자성향이 보유현금의 시장가치에 미치는 영향)

  • Cho Jungeun
    • The Journal of the Convergence on Culture Technology
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    • v.9 no.2
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    • pp.319-325
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    • 2023
  • This study investigates the impact of over-investment on the market value of cash holdings. In addition, this paper examines whether the effect of over-investment on the value of cash holdings differs depending on firms' ownership structure. The results show that increase in over-investment reduces the market value of cash holdings. This suggests that investors perceive that over-investment deteriorates future business performance and generates excessive burdens on future cash flows. As a result, they provide negative evaluation on the market value of cash holdings. In addition, the negative impact of over-investment on the market value of cash holdings is more significant for owner manager firms where managers hold a high level of equity. Such empirical results imply that owner manager firms are more likely to use their cash holdings for private interest, therefore, over-investment reduces the cash value to a greater extent. This study provides empirical evidence that the effect of over-investment on the market value of cash holdings varies depending on the characteristics of firms' ownership structure.

The Effects of Alternative Channel Integration Structures on the Channel Performance: An Implication for Export Channel Strategy (유통경로 지배구조 유형과 유통성과 간의 관계에 관한 실증적 연구: 수출유통구조 전략에 관한 시사점)

  • Kim, Kyu-Dong
    • International Commerce and Information Review
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    • v.14 no.2
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    • pp.81-119
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    • 2012
  • In order to maintain high level of control over and close coordination of foreign marketing activities, export manufacturers often consider vertical integration strategy into global distribution. However, full integration is not always a feasible option. The purpose of this study is to investigate the alternative ways to achieve optimal level of control over export channel system for desirable channel performance. This study investigates different options for integration of the vertical channel structure, and examines their effect on the performance. The findings of this study suggest different combination of ownership and coordination level has varying impact upon channel performance: efficiency, effectiveness, and adaptiveness. This implies exporters may achieve desirable performance control over export channel without fully integrating the channel via ownership.

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Semantic Structure of Double Nominative Constructions (이중주격구문의 의미구조)

  • Kim, Kyunghwan
    • The Journal of the Korea Contents Association
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    • v.20 no.5
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    • pp.338-343
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    • 2020
  • This paper provides a semantic account of double nominative constructions in the framework of Autolexical Grammar, which views syntax, semantics, morphology, and other language components as modules generated simultaneously and independently. Some syntactocentric models in the past analyzed double nominatives as a result of possessor raising, ECM or incorporation. This paper provides a semantic explication of double nominatives through function-argument (F/A) structure of internal possession and external possession. The possessum used in double nominatives is a relational noun which takes a possessor as its argument in F/A structure. If the possessor directly combines with the relational noun, then internal possession is generated. If the possessor is a gap in F/A structure, then the argument which is coreferential with the gap combines later with the predicate, resulting in external possession, in which the possessor is in the nominative case. Unlike internal possession, the F/A structure of external possession structurally shows that the sentence is predicated of the possessor.

The Effects of Corporate Governance on Internationalization in Korean Firms: Focusing on the Moderating Effect of Ownership Concentration (기업지배구조가 한국기업들의 국제화수준에 미치는 영향: 소유지분 집중도의 조절효과를 중심으로)

  • Yang, Young-Soo;Park, Young-Ryeol;Lee, Jae-Eun
    • 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.