이사회구성과 사외이사제도 = The Board Composition and The Outside Directorship

다국어 초록 (Multilingual Abstract)

It seems like that the international financial crisis is slowly settled down,although it is a bit early to estimate that the crisis is completely over.
However, the enduring five-digit Dow Jones Industrial Average and the positive economic indices give us some hopeful pictures to the end of economic downturn.
In the meantime, the outside directorship has developed itself worldwide as a useful device to monitor the management in public companies. Korea has introduced this monitoring system since the finance crisis at the end of last century. The experience of last 13 years after the crisis gives Korea some valuable statistical analysis over this monitoring tool. In this article, the author tries to show the most appropriate board structure having problem with composition of inside and outside directorship and CEO Duality.
After the in-depth analysis with statistical materials, the author recommends a solution from the view of the strategic management. The problem of CEO duality can be solved effectively with the contingency model. The characteristic of the individual industrial sectors can lead to influence variously the leadership structure of the individual company. The market situation, the abundance of material, the age of the company and the managerial environment, which the individual companies face daily in their operating condition reality, can also cause the variety of leadership structures. Each company should consider their business environment strategically before they decide to have the practical combination of inside and outside directors, the formation of their board committees, the power allocation between officers, board of directors and the CEO duality.

참고문헌 (Reference)

1 김정호, "집행임원제에 대한 연구" 한국경영법률학회 18 (18): 133-171, 2008

2 전국경제인연합, "집행임원제도 도입의 문제점"

3 한국상장회사협의회, "상장법인 사외이사 선임현황분석" 2010

4 전우현, "상법상 주식회사의 집행임원제 도입에 관한 연구 - 특히 실증적 조사에 관한 검토 의견의 부가-. 상법의 개정과 쟁점 중 제 6 주제" 2008

5 정다영, "사외이사제도에 대한 연구 - 정책적 지향점을 중심으로" 고려대 2010

6 조명현, "기업지배구조의 핵심으로서 작동할 수 있는 이사회의 설계, 지배구조개선지원센터 정책연구 최종 연구보고서" 2004

7 김건식, "기업지배구조와 법" 소화 2010

8 김화진, "기업금융과 기업지배구조" 박영사 2010

9 안택식, "기업경쟁력 강화를 위한 사외이사 제도의 개선방안" 한국상사법학회 21 (21): 6-287, 2002

10 노일석, "株主會社의 社外理事 -미국의 사외이사를 중심으로-" 한국상사법학회 21 (21): 9-300, 2002

11 Singh, "Top Management Tenure, Corporate Ownership Structure and the Magnitude of Golden Parachuttes" 10 : 143-156,

12 Sanjai Bhagat, "The Uncertain Relationship Between Board Composition and Firm Performance" 54 : 92-, 1999

13 Eisenberg, Melvin A., "The Structure of the Corporation - A Legal Analysis-" Little, Brown & Co. 1976

14 Adolf A. Berle, "The Modern Corporation and Private Property" Macmillan 1933

15 Roe Mark, "Strong Managers, Weak Owners : The Political Roots of American Corporate Finance" University of Princeton Press 1994

16 Fogel, "Strangers in the House : Rethinking Sarbanes-Oxley and the Independent Board of Directors" 32 : 33-,

17 Donaldson, Lex, "Stewardship Theory or Agency Theory ; CEO Governance and Shareholder Returns" 16 : 49-64,

18 Chung, Dayoung, "Significance of the ‘Corporate Life-Cycle’ Theory in the Debate over ‘Executive Officer System’" 6 (6): 91-103, 2009

19 Dan R. Dalton, "Meta-Analytic Reviews of Board Composition, Leadership Structure, and Financial Performance" 19 : 269-, 1998

20 Yermack, David, "Higher Market Valuation of Companies with a Small Board of Directors" 40 : 185-, 1996

21 Klein, April, "Firm Performance and Board Committee Structure" 41 : 275-, 1998

22 Dimma, "Excellence in the Boardroom, Best Practice in Corporate Directorship" Wiley 2002

23 Bernard Black, "Does Corporate Governance Predict Firms’ Market Value? Evidence from Korea" 22 (22): 366-413, 2006

24 Ringleb, "Deutscher Corporate Governance Kodex, Kommentar, 2. Aufl." C. H. Beck

25 Monks, "Corporate Governance, 3rd ed." Blackwell Publishing 2004

26 Kim, "Corporate Governance, 2nd ed." Pearson

27 Maretno A. Harjoto, "CEO Power and Firm Performance: A Test of the Life-Cycle Theory" 한국증권학회 38 (38): 35-66, 2009

28 Arlman Sjoerd, "CEO Duality at S&P 500 and FTSE 100 Companies, Bachelor Thesis" University of Amsterdam

29 B. Boyd, "CEO Duality and Firm Performance ; A Contingency Model" 16 : 301-312, 1995