가족 및 비가족 공동경영자 구조와 기업가치 : 경영전략에 따른 공동경영자 구조의 역할 검토 = Firm Value of Family Co-CEOs versus Non-Family Co-CEOs : The Role of Co-CEOs by Business Strategy

다국어 초록 (Multilingual Abstract)

This study examines the association between Co-CEOs structure and firm value. Especially, We examine the differences by Co-CEOs into family and non-family group. In addition, we examine whether Co-CEOs structure has a moderating effect on the relationship between business strategy(Prospector, Defender) and firm value. We find that Co-CEOs structure does not have a significant association with firm value. Furthermore, Co-CEOs structure of family group have a negative effect on firm value while Co-CEOs structure of non-family group have a positive effect on firm value. This implies that Co-CEOs structure of family group can be utilized by executives’ pursuit of private interests such as the purpose of management succession. On the other hand, Co-CEOs structure of non-family group is highly likely to be the strategic purpose of management, there can be positive effects such as mutual monitoring among Co-CEOs or creation of synergy. In addition, We find that the negatively moderating effect of Co-CEOs structure is in the association between business strategy and firm value, which is particularly prominent in family group. This study presents the results of empirical analysis on the relationship between Co-CEOs structure(family and non-family group) and firm value. Based on these results, we show the functional effects of the Co-CEOs structure. Furthermore, it is expected that Co-CEOs structure can enhance firm value and provide useful information for business practice.

참고문헌 (Reference)

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