친족의 지분 승계 및 임원 임용이 기업가치에 미친 영향

백재승,이상휘,한명로 한국기업경영학회 2016 기업경영연구 Vol.23 No.1

Numerous studies have shown the effect of corporate governance structure adopted by firms on firm value. In general, there are particularly positive relationships between firm characteristics of good governance and firm value. In this paper, using Korean firms, we investigated information effect of family-owned business on shareholders' wealth. Especially, we examined this relationship directly by (i) the announcement effects of ownership succession and management appointment of family members on shareholder value and (ii) the determinant of firm value change which includes family managerial activity information through comprehensive empirical work. To investigate the goal of the paper, we consider macroeconomic factors as well as financial character such as financial crisis, business group, firm size and leverage which influence firm value changes following family business events. We classify samples of the heir succession and management appointment into two groups depending upon family business type and business group to determine which category is better to increase firm value for the shareholder's wealth maximization. Also, we include financial crisis period and firm characteristics to see how these factors affect firm value changes. In this regard, our research suggests additional important evidence about the effect of the transfer of the family owned business on firm value with a case of an heir succession and management appointment in Emerging market. Family business Korean financial market has good characteristics that are suitable to examine the value of equity of the firms following financial strategy change. In order to test the hypothesis, we use standard event study methodology with market model. The time horizon sets the announcement date as an event date and observes the performance of 20 days prior and after the disclosure date. Financial data are extracted by KIS-value and FN guide date set which are normally used for the study in this field. Our sample consisted of 512 family business events of the firms announced from 2001 to 2014 and publicly listed and traded institutions reported by the KSE. The independent(control) variables used in the paper are firm size, leverage ratio, managerial performance and dividend ratio, ownership structure, financial crisis period dummy, and the dependent variable is the cumulative abnormal return(CAR) which is calculated by market model. As a result, we find that the relationships between the announcement effect of family business event such as ownership succession and new management appointment of family members and short-term stock return have positive effects due to expectation about future firm performance. However, firm value changes following family business activity have different market reaction due to firm characteristics. While firms with good managerial performance(ROA) and higher ownership by controlling shareholder experience larger increases in the value of their equities, firms with bad performance and lower ownership by controlling shareholder reveal negative market responses. In addition, firms with larger asset and smaller debt experience less impact on their firm value which shows significant relationship between financial characteristics and firm value following family business event. To the extent that firm value enhances after corporate governance structure changes due to the increase in expected return on investment, our results are consistent with the view that non-financial characteristics such as management reshuffling and ownership succession can derive a link between corporate system and firm value. These results are consistent with the view that the increase in the expected rate of return due to family owned business is more pronounced as the succession method fits. Our results suggest that the appreciation of financial share prices is attributable for the factors around family business management and ownership succession. 본 연구는 친족 중심의 기업경영행태가 주요한 비중을 차지하고 있는 기업에서 친족의 지분 승계 및 임원 임용이 기업가치에 미친 영향을 조사하였다. 이 때 기업특성변수를 고려하여 시장의 반응을 측정함으로써 재무적 특성과의 관계도 분석에 포함하였다. 이를 위해 2001년부터 2014년까지 유가증권시장에 상장된 비금융업 표본을 대상으로 친족에 대해 지분을 승계하거나 주요 임원으로 임용 또는 승진한 기업을 대상으로 기업가치에 미친 영향을 조사하였다. 이와 함께 자본구조, 소유구조, 위험도, 기업집단 여부 등의 기업 특성 및 글로벌 금융위기와 같은 경제상황을 고려하여 살펴보았다. 주요 분석 결과는 다음과 같다. 첫째, 지분 승계 및 임원 임용은 공시일 주변 기업가치에 긍정적으로 작용한 것으로 조사되었다. 둘째, 자본구조 측면에서 부채비율이 낮거나 소유구조 측면에서 대주주지분율이 높을수록 지분 승계를 실시할 가능성이 높게 나타났고 이는 임원 임용에도 유사하게 적용되었다. 셋째, 공시일 주변 양(+)의 가치 변화에 영향을 미친 개별 변수로서 외국인지분율, 시장가치, 수익성, 재벌 여부 등이 유의적인 관계를 보였다. 이와 같은 연구 결과는 친족이 경영활동에서 중요한 역할을 차지하는 기업에서 친족의 지분 승계 및 임원 임용과 같은 전략이 효과적인 경우 외부적인 평가가 기업가치 증진에 도움이 된다는 점을 시사한다. 또한 지분 승계 등의 기업전략에 있어서 소유구조, 시장가치 등 해당 기업의 특성을 고려함으로써 보다 효율적인 결과를 유도할 수 있는 기준이 될 것이다. 본 연구의 결과는 국내외적으로 기업활동에 큰 부분을 차지하는 가족기업의 성과를 개선하기 위한 기업전략을 발굴하고 관련정책의 효율성을 높이는 방안을 연구하는데 유용한 참고자료가 될 수 있다.

친족의 지분 승계 및 임원 임용이 기업가치에 미친 영향

백재승(Jae Seung Baek),이상휘(Sang Whi Lee),한명로(Myung ro Han) 한국산업경영학회 2016 한국산업경영학회 발표논문집 Vol.2016 No.-

본 연구는 친족 중심의 기업경영행태가 주요한 비중을 차지하고 있는 기업에서 친족의 지분 승계 및 임원 임용이 기업가치에 미친 영향을 조사하였다. 이 때 기업특성변수를 고려하여 시장의 반응을 측정함으로써 재무적 특성과의 관계도 분석에 포함하였다. 이를 위해 2001년부터 2014년까지 유가증권시장에 상장된 비금융업 표본을 대상으로 친족에 대해 지분을 승계하거나 주요 임원으로 임용 또는 승진한 기업을 대상으로 기업가치에 미친 영향을 조사하였다. 이와 함께 자본구조, 소유구조, 위험도, 기업집단 여부 등의 기업 특성 및 글로벌 금융위기와 같은 경제상황을 고려하여 살펴보았다. 주요 분석 결과는 다음과 같다. 첫째, 지분 승계 및 임원 임용은 공시일 주변 기업가치에 긍정적으로 작용한 것으로 조사되었다. 둘째, 자본구조 측면에서 부채비율이 낮거나 소유구조 측면에서 대주주지분율이 높을수록 지분 승계를 실시할 가능성이 높게 나타났고 이는 임원 임용에도 유사하게 적용되었다. 셋째, 공시일 주변 양(+)의 가치 변화에 영향을 미친 개별 변수로서 외국인지분율, 시장가치, 수익성, 재벌 여부 등이 유의적인 관계를 보였다. 이와 같은 연구 결과는 친족이 경영활동에서 중요한 역할을 차지하는 기업에서 친족의 지분승계 및 임원 임용과 같은 전략이 효과적인 경우 외부적인 평가가 기업가치 증진에 도움이 된다는 점을 시사한다. 또한 지분 승계 등의 기업전략에 있어서 소유구조, 시장가치 등 해당 기업의 특성을 고려함으로써 보다 효율적인 결과를 유도할 수 있는 기준이 될 것이다. 본 연구의 결과는 국내외적으로 기업활동에 큰 부분을 차지하는 가족기업의 성과를 개선하기 위한 기업전략을 발굴하고 관련정책의 효율성을 높이는 방안을 연구하는데 유용한 참고자료가 될 수 있다. Numerous studies have shown the effect of corporate governance structure adopted by firms on firm value. In general, there are particularly positive relationships between firm characteristics of good governance and firm value. In this paper, using Korean firms, we investigated information effect of family-owned business on shareholders' wealth. Especially, we examined this relationship directly by (i) the announcement effects of ownership succession and management appointment of family members on shareholder value and (ii) the determinant of firm value change which includes family managerial activity information through comprehensive empirical work. To investigate the goal of the paper, we consider macroeconomic factors as well as financial character such as financial crisis, business group, firm size and leverage which influence firm value changes following family business events. We classify samples of the heir succession and management appointment into two groups depending upon family business type and business group to determine which category is better to increase firm value for the shareholder's wealth maximization. Also, we include financial crisis period and firm characteristics to see how these factors affect firm value changes. In this regard, our research suggests additional important evidence about the effect of the transfer of the family owned business on firm value with a case of an heir succession and management appointment in Emerging market. Family business Korean financial market has good characteristics that are suitable to examine the value of equity of the firms following financial strategy change. In order to test the hypothesis, we use standard event study methodology with market model. The time horizon sets the announcement date as an event date and observes the performance of 20 days prior and after the disclosure date. Financial data are extracted by KIS-value and FN guide date set which are normally used for the study in this field. Our sample consisted of 512 family business events of the firms announced from 2001 to 2014 and publicly listed and traded institutions reported by the KSE. The independent(control) variables used in the paper are firm size, leverage ratio, managerial performance and dividend ratio, ownership structure, financial crisis period dummy, and the dependent variable is the cumulative abnormal return(CAR) which is calculated by market model. As a result, we find that the relationships between the announcement effect of family business event such as ownership succession and new management appointment of family members and short-term stock return have positive effects due to expectation about future firm performance. However, firm value changes following family business activity have different market reaction due to firm characteristics. While firms with good managerial performance(ROA) and higher ownership by controlling shareholder experience larger increases in the value of their equities, firms with bad performance and lower ownership by controlling shareholder reveal negative market responses. In addition, firms with larger asset and smaller debt experience less impact on their firm value which shows significant relationship between financial characteristics and firm value following family business event. To the extent that firm value enhances after corporate governance structure changes due to the increase in expected return on investment, our results are consistent with the view that non-financial characteristics such as management reshuffling and ownership succession can derive a link between corporate system and firm value. These results are consistent with the view that the increase in the expected rate of return due to family owned business is more pronounced as the succession method fits. Our results suggest that the appreciation of financial share prices is attributable for the factors around family business management and ownership succession.