한국기업의 지배구조와 기업가치: 패널자료분석법에 의한 영향관계 분석 = The Relation of Corporate Governance and Corporate Value: Korean Evidence from Panel Data

다국어 초록 (Multilingual Abstract)

This study conducted an empirical analysis of the effect of Korean companies` corporate governance structure on corporate value, using the panel data analysis method. For samples, the data of 377 corporations listed on KRX stock market as of the end of December 2005 were used. For panel data analysis, the balanced panel data was used, where the 377 individual corporations constituted the cross section unit, and each corporation had the time series of seven years(1999-2005). According to analysis, corporate governance variables which significantly affect corporate value include executives` share, the ratio of outside directors, institutional investors` share. Executives` share showed an inversed U-shaped curve, displaying non-linear relationship between executives` share and corporate value. For less than 31.71% of executives` share, the assumption that corporate value increases as executives` share becomes higher was reasonable. On the other hand, for more than 31.71% of executives` share, the assumption that corporate value decreases as executives` share becomes higher was reasonable. In addition, as the ratio of outside directors and the percentage of institutional investors` share increase, corporate value becomes higher.