연구논문 : 경제,경영 영역; 외국인 투자지분율이 기업지배구조와 기업가치에 미치는 영향에 관한 연구

노승재 ( Sung Jae Rowe ),문재영 ( Jae Young Moon ) 아시아.유럽미래학회 2012 유라시아연구 Vol.9 No.1

최근 글로벌 수준의 기업지배구조를 갖추는 것은 기업이 성장하는데 있어 중요한 요인이 되고 있다. 좋은 지배구조를 유지하는 것은 안정적이고, 장기적인 해외자본을 유입하는데 큰 영향을 미친다. 따라서 많은 국가들이 경제적 성과를 높이기 위하여 기업지배구조를 향상시키는데 많은 노력을 경주하고 있다. 특히 한국을 비롯하여, 외국투자자본이 필요한 신흥국가들은 지배구조 개선에 더 많은 노력을 경주하고 있다. 우리나라는 외환위기 이후 기업지배구조에 대한 관심이 높아지기 시작하였다. 외환위기 이후 정부와 규제당국은 대기업들에 대하여 이사회 구성을 비롯하여 기업지배구조에 대하여 강제 조항들을 적용하고 있다. 정부는 기업지배구조를 개선하지 못할 경우 외국인투자를 위축시키고 이는 궁극적으로 금융발전에 좋지 않은 영향을 미칠 것 이라고 판단하고 있다. 그러나 최근 글로벌화가 급격하게 진행되면서 기업들은 자발적으로 지배구조 개선을 위한 노력을 경주하고 있다. 외국인투자가 신흥시장에서 기업지배구조에 긍정적인 영향을 미친다는 연구에 대하여 학계에서는 활발한 논의가 이루어지고 있다. 정책입안자들도 자국기업에 대한 외국인소유지분이 기업성과와 수익에 긍정적인 영향을 미친다는 사실을 주장하고 있다. 이렇듯 외국인 투자는 본국기업에 기술과 자본, 발전된 경영기법을 비롯하여 여러 가지 이득이 제공된다는 믿음이 있기 때문이다. 이렇듯 외국인투자가 기업지배구조에 좋은 영향을 미친다는 연구결과와 신흥시장에서 외국인투자가 투자국과 기업에 좋은 영향을 미친다는 가설을 바탕으로 우리나라의 경우 외국인투자가 기업지배구조에 어떤 영향을 미치는가를 살펴본다면 신흥시장 지배구조 연구에 기여를 할 수 있다고 사료된다. 이에 본 연구는 외국인 투자지분율이 우리나라 기업성과와 기업 지배구조에 미치는 영향을 분석하고 외국인투자지분율과 기업지배구조와의 선행관계에 대하여 분석하는데 그 목적이 있다. 외국인투자와 기업지배구조간의 상관관계에 대한 연구는 횡단면 회귀분석을 이용하였고 외국인 투자와 기업지배구조의 선행관계 연구는 2단계 최소자승법(2-Stage Least Squares Method: 2SLS)을 사용하였다. 2단계 최소자승법을 선택한 이유는 일반최소자승법(Ordinary Least Squares Method: OLS)을 사용할 경우 내생변수에 영향을 받을 수 있기 때문이다. 2단계최소자승법 연구에 있어 도구변수(instrumental variable)의 선택은 매우 중요하다고 볼 수 있다. 본 연구에서는 도구변수로 자산규모2조원이상을 사용하였다. 이는 한국기업들은 자산규모2조원이 초과될 경우 이사회구성 등 기업에 영향을 미칠 사항들을 법적으로 강제하기 때문이다. 본 연구의 결과 외국인 투자지분율과 기업지배구조와의 상관관계에 있어서 2005년∼2009년 사이 5년간 누적 OLS분석한 결과 양(+)의 값을 나타내었다. 이러한 결과는 외국인 투자지분율이 높을수록 기업지배구조도 높음을 나타내고 있으며 1%의 유의수준에서 통계적 유의성을 나타내고 있다. 연간 OLS 분석에서도 외국인 투자지분율과 기업지배구조는 매년 양(+)의 관계를 나타내면서 강한 통계적 유의성을 나타냈다. 이 결과는 외국인투자지분율과 기업지배구조와의 상관관계가 지속적인 것을 보여주는 것이라고 할 수 있다. 또한 외국인 지분율과 기업지배구조와의 선행관계에 관한 연구를 위한 2단계 회귀분석 (2SLS)에서 외국인 투자지분율의 베타계수가 9.405로 1% 수준에서 강한 통계적 유의성을 나타냄으로써 외국인투자지분율이 기업지배구조지수에 직접적인 영향을 미친다는 결론을 얻을 수 있었다. 이는 기업지배구조지수가 외국인투자를 결정하는 것이 아니라 것이 아니라 외국인투자지분율이 높아질 경우 기업지배구조가 좋아진다는 것을 의미한다. 결론적으로 본 연구는 외국인 투자지분율과 기업지배구조와는 연구기간동안 지속적으로 양(+)의 관계를 나타내며, 외국인 투자지분율이 기업성과에 긍정적 영향을 나타내는 것을 보여준다. 또한 외국인 투자지분율은 기업지배구조지수에 직접적으로 영향을 미친다는 것을 알아냈다. 이러한 연구결과에도 불구하고 외국인 투자가들의 지배구조 개선에 관한 연구와 외국인투자가들의 투자행태에 대한 보다 폭넓은 연구가 부족했던 것은 본 논문의 한계로 생각된다. 예를 들면, 외국인 산업투자가들과 외국인 기관투자가들의 투자성향의 차이점을 조사하고, 투자형태에 따라서 기업 지배구조에 미치는 영향에 관한 연구가 필요하다고 사료된다. Recently, the practice of good corporate governance has become a necessary step for any corporation to manage in the global market. To maintain good corporate governance is an important factor in building market confidence and encouraging stable, long-term foreign investment. Therefore many countries see good corporate governance practices as a way to improve economic performance. In many emerging countries including korea try to improving corporate governance practice to attract foreign investment. In korea corporate governance had become growing concern after Asian financial crisis in 1997. The government officials and regulators impose many restrictions on large firms such as board composition. Government officials and market participants express concerns that poor governance hinders foreign investment and may delay financial development. But rapid globalization makes firms to adapt good corporate governance. It is widely researched and debated that foreign investment is a important element for improving corporate governance in emerging markets. The policy makers has popular view that foreign ownership influences firm performance and profitability. This view derives from presumption that foreign investment is a conduit for technology, capital injection, management skills and various intangibles that promote efficiency. Prior research results tells us that foreign investment improve corporate governance and firm profitability.Based on this hypothesis, I used Cross-Sectional Regression to investigate positive result between foreign investment and corporate governance. This research would contribute for future emerging market corporate governance research. The purpose of this study is to examines the effects of foreign ownership on firm performance and corporate governance, and also investigated casual relationship between foreign ownership and corporate governance in korean listed companies. This study used the cross-sectional regression analysis to examine the foreign investor`s effect on the corporate governance and firm performance. Futhermore, I used two-stage least squares approach(2SLS) to investigate the causal relationship between foreign investment and corporate governance. This study used 2nd stage least squares method to mitigate plausible endogeneity by using ordinary least squares method. Since a number of important Korean corporate governance rules apply only to firms with assets over 2 trillion won, an indicator variable for firms with assets over 2 trillion won is adopted as an instrument variable. This study found foreign ownership has a positive effect on corporate governance in 5 year OLS analysis. This result indicate higher foreign ownership leads higher corporate governance index. This empirical analysis shows very strong statistical results at over 99 percent confidence level. This results are the same in yearly OLS analysis. It means positive relationship between foreign ownership and corporate governance index is not temporal. We used 2SLS to investigate casual relations between foreign ownership and corporate governance. The results also shows positive at over 99 percent confidence level. This result proved that corporate governance is not directly effect on foreign ownership, rather foreign ownership effect corporate governance. The instrumental variable approach I adopted provide evidence for a casual relationship between foreign ownership and corporate governance index: foreign investment leads to a higher governance index. It means that an increase on foreign ownership has a direct effect on the corporate governance index of Korean companies. In spite of this research results, we can extend the research. For example, we can examine in depth any difference in foreign institutional investors and industrial investors. Both investors` behavioral pattern difference can be studied depending on corporate governance structures.

남북관광 사업의 현황과 활성화 과제에 관한 연구

노승재(Sung-Jae Rowe),전영선(Young-Sun Jeon) 한국관세학회 2007 관세학회지 Vol.8 No.2

Besides its seeming purport as a tour business in itself, North Korea tourism has a significance as a channel of reconciliation and cooperation between South and North Korea. The reason for the turnover in North Korea's negative perception of the tour business is that the project is the most practical choice for North Korea in its internationally isolated status. Its perceptional change began to be sensed in the fact that North Korea made various efforts in developing a diversity of products and inducing tourists in the 2002 Arirang Festival. A series of events since that such as Arirang tour in 2005, pilot tours to Gaeseong and Mount Baekdu, business expansion in the tour zone of Mount Ceumgang are brightening prospects of exchange between South and North Korea through tour business. Revitalizing the tour projects between South and North further, however, definitely requires political stability in the Korean Peninsula and also needs cutting down of travel costs, developing various tour packages, and improving tour infrastructures such as lodging and human resources.

EU 회원국 근로자들의 근무강도 및 작업환경이 직무만족에 미치는 영향

노승재(Sung-jae, Rowe),최향석(Hang-sok, Choi),임효창(Hyo-chang, Lim) 한국통상정보학회 2006 통상정보연구 Vol.8 No.4

The present Study investigated on effect of working time and physical work environment on job satisfaction, and is based on a representative survey carried out in the 15 European Union Member States in 2,000 on behalf of the European Foundation for the Improvement of Living and Working Conditions by Infratest Burke Sozialforschung and a consortium of national fieldwork institutes. In the course of the survey, a total of 21,703 people drawn from the economically active populations in the 15 countries were questioned about their working time, overtime, weekend work, physical work environment, social support of supervisor and co-worker and job satisfaction. Regression analysis and subgroup analysis were employed to examine the hypotheses. It was found that weekend work, overtime and physical work environment associate negatively with job satisfaction. Social support of supervisor and co-worker moderated only relation between working time and job satisfaction. The results provide support for prior quantitative studies partly. Based on these significant research findings, theoretical implications were discussed.

외국인 기관투자가 지분변동 공시가 기업지배구조와 주가에 미치는 영향에 관한 연구

노승재(Sung-Jae Rowe),이갑수(Gap-Soo Lee) 한국관세학회 2011 관세학회지 Vol.12 No.3

This study examines the effects of corporate governance and stock price reaction by foreign institutional investors’ equity ownership change. In particular, with regard to the quality of corporate governance structure, I looked into the stock price impacts of foreign institutional investors’ the equity ownership changes. The event study and t-test methods were used for the empirical tests on the effects of foreign institutional investors’ public announcement on equity ownership changes. I found that firms with better corporate governance, the CARs are more positive with regard to equity ownership increases by foreign investors, partly attributable to an information asymmetry. We can extend the research. For example, we can examine in depth any difference in information advantage between domestic and foreign investors. Both investors’ behavioral pattern difference can be studied depending on corporate governance structures.

한국전통식품의 국제마케팅 전략에 관한 연구 -미국시장을 대상으로-

고경일 ( Kyung Il Khoe ),노승재 ( Sung Jae Rowe ),임효창 ( Hyo Chang Lim ) 한국통상정보학회 2007 통상정보연구 Vol.9 No.2

국제물품매매계약에서 이행기 전의 계약위반에 관한 연구

이천수 ( Cheon Soo Lee ),노승재 ( Sung Jae Rowe ) 국제지역학회 2005 국제지역연구 Vol.9 No.3

한국기업의 사외이사 임면의 공시효과: 기업지배구조에 따른 차별화

김동순 ( Dong Soon Kim ),노승재 ( Sung Jae Rowe ) 한국생산성학회 2013 生産性論集 Vol.27 No.4

This study examines whether there is any difference in the stock price impact of the appointment or dismissal of outside directors for Korean firms depending on the quality of corporate governance structure. Using the event study and t-test methods, we found several interesting empirical results as follows. First, the appointment effect of outside directors on stock prices was negative just until a few days after the event date, but afterwards stock prices rebounded. The appointment of new directors has no significant effect on stock prices, but the reappointment of old directs has a significantly positive effect. Second, the announcement effect was differential depending upon the quality of corporate governance structure. So, the effect was significantly negative for Korean firms with inferior governance structure. Third, the dismissal effect of outside directors on stock prices was not significant, and the regular dismissal had no impact, either. However, the dismissal during the term of office negatively affected stock prices. In particular, firms with poorer corporate governance showed much larger drop in stock prices, possibly due to the information asymmetry problem. To conclude, Korean firms with inferior corporate governance have faced negative stock price impacts from both appointment and dismissal of outside directors. Therefore, it implies that they should take preemptive measures to improve corporate governance structure. In addition, firms with sound corporate governance should also retain independent outside directors in consecutive terms.

국내 벤처기업 수출시기와 수출성과 결정요인에 관한 연구

박근호(Keun-Ho Park),노승재(Sung-Jae Rowe),임효창(Hyo-Chang Lim) 한국통상정보학회 2007 통상정보연구 Vol.9 No.4

This paper develops a model of the export timing and export performance of venture firms by drawing by resource based view and born-global firm theory. The model aims at explaining the role of internal resources of small new venture firms and environment factors in accelerating the firm’s export timing and achieving export growth. Hypothesses were developed around the following factors: management characteristics in terms of CEO’s foreign experience and export commitment; organizational characteristics in terms of technological competence and marketing competence, and inter-functional cooperation; and finally environmental factors in terms of domestic and market attractiveness and foreign market attractiveness influence both the export timing and export performance. Structural equation modeling analysis by using 214 small new ventures provides a partial supports for the hypotheses. The result showed that technological competence have an influence on early export timing and that CEO’s foreign experience and export commitment, technological competence and foreign market attractiveness are related export performance significantly. It also showed the significant relationship between export timing and export performance.

CDS 시장과 외평채 시장간 차익거래 및 변동성이전

김홍배 ( Hong Bae Kim ),김명종 ( Myoung Jong Kim ),노승재 ( Sung Jae Rowe ) 한국금융공학회 2013 금융공학연구 Vol.12 No.1