Outside Directors and R&D investment: An Experience after the Corporate Governance Reform in Korea

• 발행기관: 한국인사조직학회
• 저자명: Yoo Chang Shin Ji-Hwan Lee
• 간행물 정보: 『한국인사조직학회 발표논문집』한국인사ㆍ조직학회 2008년도 추계학술연구발표회 발표논문집, 277~302쪽, 전체 26쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2008.09.30

영문 초록

This paper explores how the structure and composition of the board of directors influence crucial decisions made in the firm, especially in the early years after a massive corporate governance reform towards an Anglo-Saxon system. With a sample of large Korean firms in 2000 ~ 2003, we examined the impact of board independence and demographic diversity on R&D investment. After controlling relevant variables, the ratio of outside directors as well as the diversity in educational and functional backgrounds among outside directors was positively related to R&D intensity. We also considered the effects of ownership structure to find that board independence was more strongly, positively related to R&D investment when institutional ownership is higher rather than low. Implications and future research direction are discussed.

목차

ABSTRACT

Background and Research Question

Theory and Hypotheses

Methods

Results

Discussion and Conclusions

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