가족CEO가 기업가치에 미치는 영향에 관한 연구: 외부 기업지배구조의 조절효과를 중심으로

• 영문명: The Relationship between Family CEO and Corporate Value: The Moderating Role of External Corporate Governance
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 안혜성(He Soung Ahn) 옥지호(Chiho Ok)
• 간행물 정보: 『아태비즈니스연구』제15권 제3호, 253~269쪽, 전체 17쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2024.09.30

국문 초록

Purpose - The purpose of this study is to investigate the relationship between family CEO and firm value as well as the moderating roles of external corporate governance mechanisms. Design/methodology/approach - Our research model was tested employing a sample of 717 companies listed on the KOSPI securities in South Korea. Family CEO was dummy coded if a family member of the controlling family serves as the firm’s CEO. Firm value was measured by Tobin’s Q. Findings - A company run by a family CEO has a lower Tobin’s Q value compared to its counterpart run by a professional manager. In addition, the negative effect of family CEOs on firm value was alleviated as the level of foreign ownership increased. Similarly, for companies subject to the government’s regulations, the negative effect of family CEOs on firm value was found to be mitigated. Research implications or Originality - This study contributes to expanding the existing literature by examining the negative effect of family CEO. In addition, by investigating the moderating effects of external corporate governance mechanisms, it was revealed that the negative effect of family CEOs is alleviated depending on the different types of external corporate governance mechanisms. Based on these findings, theoretical and practical implications are presented.

목차

Ⅰ. 서론

Ⅱ. 이론적 배경 및 연구가설

Ⅲ. 연구방법론

Ⅳ. 분석결과

Ⅴ. 결론 및 시사점

References

키워드

Family CEO Corporate Value External Corporate Governance Government Policy