기업지배구조가 기업성과에 미치는 영향에 관한 연구

Abstract

A Study on the Effects of Corporate Governance to Firm Performances

Suk Ga

Department of Business Administration The Graduate School of Pukyong National University

Abstract

The objective of this study examines the effects of corporate governance on firm performance. We select the samples that are comprised of non-financial business, which have an moderate and more record from KGS(Korea Corporate Governance Service) for 3 years( i.e., 2010-2012), and settled accounts in December. The reference of financial data is form KIS-value(i.e., Korea Investors Service). The study decomposes sample into two groups where Group 1 firms have moderate and more of the corporate governance index and Group 2 have less than moderate of the corporate governance index. We investigate the relation between corporate governance and firm performance via t-test and regression analysis. The empirical results of the regression analysis are as follows; 1) There is a significant differences for the business performance between Group 1 and Group 2; ① net income to total assets ratio, ② ROE(i.e., return on equity) and ③ operating profit on sales ratio are influenced by the governance rating. 2) Firms to have relatively good corporate governance index better firm performance.

Keywords: corporate governance rating, management performance