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가족의 경영권이 이사회 및 감사기구의 독립성과 공시 투명성에 미치는 효과
우태우 한국전문경영인학회 2020 專門經營人硏究 Vol.23 No.2
This study analyzed the effect of family management rights on the Board Independence, Audit Independence and disclosure Transparency . We used the data of 1,504 samples from 376 companies over fours years. In conclusion, First, family CEO's showed negative influence for Board Independence, Audit Independence and Transparency. Secondly, Studies have shown that the establishment of boards and audit committees improves the independence and transparency of companies. finally, real board activities and audit activities have a negative impact on corporate independence. audit specialist have been shown to improve disclosure transparency. This implies that family CEO's inhibit independence and transparency, real board activities and audit activities have a positive impact on corporate independence and transparency.
한국 기업에서 이사회 및 감사기구 독립성과 공시 투명성의 결정요인 분석: 가족기업을 중심으로
우태우 한국무역연구원 2020 무역연구 Vol.16 No.3
Purpose The purpose of This study analyzed the determinants of board independence, audit independence and transparency using family dummy variables in Korean companies. Design/Methodology/Approach We used the data of 1,128 samples from 376 companies over three years. In addition, we used 2SLS model apply 2-step regression analysis including instrument variable. Findings First, family companies showed negative influence for board independence, audit independence and Transparency. Secondly, actual board activities and audit activities both showed positive influence. This implies that even if family companies inhibit independence and transparency, real board activities and audit activities have a positive impact on corporate independence and transparency. Research Implications The past studies focus on management performance of family firms. But This study identified the effect of family companies on independence and transparency. According to the results Family firms are less efficient than non-family firms in terms the independence and transparency. This result may be due to the fact that many Korean family firms are used to do unfair trade practices such as complex cross shareholding scheme, propping and tunneling. To ensure corporate independence and transparency It suggests a shift to a professional CEO by separating ownership and management.
한국 재벌에서 지배괴리도, 이사회 및 감사의 독립성, 공시의 투명성이 기업가치에 미치는 효과
송준기,우태우 한국전문경영인학회 2020 專門經營人硏究 Vol.23 No.1
We analyze the effects of board independence, audit independence and corporate transparency on corporate market value in Jaebol by comparing those in non-Jaebol. We extend it by studying whether the ownership-control disparity influence on the relationships. The main results are as follows: Firstly, audit independence has positive effect on the corporate value in both Jaebol and non-Jaebol. Secondly, board independence and corporate transparency have positively affected the corporate value in only non-Jaebol. This implies that the management of non-jaebol is affected by board control, while that of jaebol is not affected. Thirdly, the control of majority shareholder may not influence the positive effects of independence and transparency.