기업지배구조가 기업의 미래경영성과와 이익의 질에 미치는 영향

Abstract

Abstract

In Korea, the right of minority shareholders has been reinforced more and more with IMF’s request on the improvement of transparency in corporate management and by the revision of commercial law since the foreign exchange crisis of 1997. Being initiated by the opportunity of Samsung case to issue private placement convertible bond and Korea First Bank case, the movement of minority shareholders has been progressed vigorously whose major participant has been a civic group PSPD (People's Solidarity for Participatory Democracy).

However, most of precedent studies relating to corporate governance so far excluded the minority shareholders as a variable as they had less influence on corporate governance, in view of the fact that major large enterprises in Korea take the form of conglomerate-oriented ‘owner’ management.

Hence, this study tried to present an empirical study on the ever expanding role of minority shareholders; by the changes in the percentage of minority shareholders and by the movement of minority shareholders, what impact would be on future corporate management performance and, by extension from simple changes in the performance, on the quality of corporate income.

The data used in this study were as follows: the financial data of the listed companies to Korea Exchange (December settlement corporations, excluding financial business) from 2005 to 2007 were extracted from the KIS-Value of Korea Investors Service Co. Ltd., and the variables for corporate governance from 2005 to 2007 were extracted directly from the Data Analysis, Retrieval and Transfer System (DART) of the Financial Supervisory Service.

Future non-discretionary net income (NDNI) was used as the proxy for corporate future management performance, and the proxy for the quality of earnings was the discretionary accruals measured by Jones (1991) model and Dechow et al. (1995) model which was revised from Jones model; both of them were used as dependent variables. On these dependent variables, the impacts of corporate governance relating variables including minor shareholders and other control variables were analyzed by a multiple regression model.

The results of this empirical study are as follows: 1) If the percentage of minority shareholders (MS) increases, future corporate management performance appears to be decreased. 2) As the percentage of minority shareholders (MS) increases, the management adjusts the earnings even lower or adjusts the earnings to be lesser. 3) Once minority shareholder’s right was executed (MINOR), that company’s future management performance appears to be reduced. 4) The execution of minority shareholder’s right (MINOR) does not make meaningful results in the adjustment of earnings by the management.

As minority shareholder’s influences on the corporate governance seem to be ever increasing down the road, better organized and logical studies should be performed so that minority shareholders should be highlighted with their role as a member of corporate governance.