한국 가족기업에서 기업지배구조 개선노력과 기업성과: 하위지수를 중심으로 = The Effects of Family Ownership and Corporate Governance on Corporate Performance

다국어 초록 (Multilingual Abstract)

Using data on 376 companies listed on the Korea Stock Exchange, we investigate the relationships between 4 sub-indices of corporate governance and corporate performance empirically. We extend it by studying whether the family ownership influence on the relationships. The main results are as follows; Firstly, the relationship between overall corporate governance index and corporate performance is significantly positive. This implies that the efforts to improve corporate governance raise corporate performance. Secondly, among 4 sub-indices, the higher transparency index, the higher corporate performance such as ROA and MB. And the higher independence of auditing organization, the higher MB. Thirdly, family ownership reduces corporate performance and also reduces the positive effect of independence of auditing organization significantly.
In conclusion, family controlled firms are less efficient than non family firms in terms of the corporate performance such as ROA and MB. This result may be due to the fact that many Korean family firms belonging to big business groups are used to do unfair trade practices such as pyramid scheme, complex cross shareholding scheme, propping and tunneling.

참고문헌 (Reference)

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