대리비용이 상장폐지에 미치는 영향: 코스닥 신규상장기업을 중심으로

Abstract

This study is to examine the relationship between the agency costs and delisting of initial public offerings(IPO) firms in KOSDAQ. Considering from an agency theory, it lead to clearly inefficiency or perk consumption. Agents may shirk their responsibilities and not exert much effort toward the goals of the owners. Managers shirking has the potential to be extremely costly to firms. The other agency problem is the perks that may be offered even if their direct consumption benefits are offset by their costs. Ang et. al(2000) calculated as the difference in dollar expenses between a firm with a certain ownership and management structure and the no-agency-cost base case firm. This measure captures excessive expenses including perk consumption. Entertainment expenditures must be related to the revenue of the corporation, but are used in personal benefit, making the slush fund and for commission. This study verified the hypotheses as follows; 1) Privileged consumption behavior of KOSDAQ firms is relevant to the delisting. 2) Entertainment expenditures of KOSDAQ firms is relevant to the delisting. 3) Welfare costs of KOSDAQ firms is relevant to the delisting. To test the hypotheses, the models include the sum of entertainment expenditures and welfare costs(PERK). Also the test models contains other, big auditors(BIG), history of engaging career(LONG), control variables such as firm size(SIZE), debt ratio(DEBT), block-holders(BLOK). This study shows the empirical results through statistical descriptive statistics, coefficient of correlation, mean difference analysis and the multiple regression tables. The test sample consists of 967 firm-year data, selected from the KRX listed companies of the fiscal year during 1996-2011. The results of study can be summarized as follows Firstly, entertainment expenditures and welfare costs(PERK) effect on the delisting. Second, the delisting firms pay entertainment expenditures and welfare costs(PERK) more than listing companies. Additionally, entertainment expenditures and welfare costs(PERK) became gradually increased from t-1 to t+1 after initial public offerings(IPO) firms in KOSDAQ.