지배구조가 기업가치에 미치는 효과에 관한 연구

목차

Ⅰ. 서 론

Ⅱ. 이론적 배경 및 가설
2.1 내부 소유구조와 기업가치의 관계
2.2 경영자 특성과 내부 소유구조,
2.3 기관투자가 지분율과 내부 소유구조,

Ⅲ. 방법론
3.1 자료
3.2 변수 정의 및 분석 모델

Ⅳ. 분석 결과

Ⅴ. 결 론

참고문헌
Abstract

본문내용

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A Study on the Effects of Ownership Structure on Firm Value
Park, Ki-Sung*
All corporations carry out their business activities in different environments. Moreover, they are concurrently using different governance mechanisms that interact with one another. Nonetheless, almost all the previous researches did not consider contextual variables such as firm characteristic variable or other governance mechanisms, which take moderating effect on the relationship between insider ownership structure and firm's value. To eliminate these limits, two contextual variables have been selected in this study. The two contextual variables are the characteristics of managers and other governance mechanisms that the firm is using. The purpose of this study is to propose and analyze the hypotheses about the influence of ownership structure on firm value in a comprehensive manner.
According to the result of this study, the value of firm decreases until the insider ownership reaches a certain level. However, if the insider ownership exceeds the threshold, the level of diversification increases again, showing a curve convex to downward. The contextual variables such as characteristics of managers and other governance mechanisms(institutional ownership), of course, are found to have a significant influence on insider ownership-firm value relationship. The "U" shape relationship between insider ownership and firm value is more clearly revealed when the corporation is owner-controlled, and with high institutional ownership.
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Key Words : Insider ownership, Institutional ownership, Firm value, Characteristics of manager, Diversification
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* LG Economic Research Institute

키워드

지배구조,   기업가치,   기관투자가,   내부 소유구조,   경영자 특성,   지분율