기업지배구조지수와 기업가치의 관련성에 관한 실증적 연구

Abstract

An Empirical Study on the Relationship between Corporate Governance Indexes and Firm Value.

These days, as more attention has been paid to improvement of corporate governance, it is necessary for our country to pour more efforts into it. Therefore, this study obtained PBR and Tobin-Q, indexes of firm values and analysed the relations between corporate governance indexes and firm value using KCGI and CGI1～CGI5 of each firm. However, previous studies presented opposite explanation of the relations. Therefore, this study was to identify why such results were obtained and analyse the relations more specifically using panels and sub-corporate governance indexes, aiming to use the results as investment indexes. For the study, we analysed: 1) the relations between corporate governance indexes and firm value as in previous studies; 2) differences according to capital size(large, medium and small; 3) differences between industries according to classification standard by an exchange as previous studies did not present whether corporate governance indexes are related to firm value in what industry though they concluded there were differences in the relations according to industries; and 4) differences between chaebol and non-chaebol based on the classification of groups by Korea Fair Trade Commission as previous studies examined whether there is difference between business groups targeting top thirty chaebol firms in the country; and 5) analysed corporate governance indexes through panels from top, middle and bottom firms so as to identify whether there are differences between corporate governance indexes and value of firms with high indexes and those with low indexes. The samples of corporate governance indexes used were from data obtained from 2004 to 2007, but as they were the results of interviews from 2003 to 2006, corporate financial data were obtained from 2003 to 2006, which was the same period as analysis of corporate governance behaviors. Thus, this study identified the relations between corporate governance and firm value and the results are presented as follows: First, we verified the hypothesis that firms with good corporate governance have good firm value. As there was a statistically significant relation between PBR and Tobin-Q, the above hypothesis was supported. Second, in an analysis using capital size as panels, in respect to KCGI, there was a significant positive relation between PBR and Tobin-Q of large firms. And in respect to sub-corporate governance of each section, there were significant positive relations between CGI1～CGI4 of large business groups. However, there was a significant negative relation only in CGI5 of small business groups. Third, as a result of analysing differences according to kinds of industries based on classification of industries by Korea Fair Trade Commission, in case of using KCGI, there were statistically significant PBR and Tobin-Q in food and beverage, medicinal supplies, chemistry, non-metal minerals, machines, steel in metal, and pulp and wooden materials, but there was no statistically significant Tobin-Q and CGI3. therefore, it is judged that they can be used as an index of investment portfolio for efficient investment. Fourth, when the relations between corporate governance and firm value of chaebol and non-chaebol were analysed, it was verified that there were statistically significant relations between PBR and Tobin-Q in sub-indexes of KCGI, CGI1～CGI4 of chaebol business groups, but, there were statistically significant negative relations in CGI5. Finally, this study analysed the relations using corporate governance indexes of top, middle and bottom firms and found that there were statistically significant positive relations between PBR and Tobin-Q of middle groups. In respect to sub-corporate governance indexes, there was no statistically significant relation between CGI1 and CGI2. For CGI3, PBR had a significant negative relation and Tobin-Q had no statistically significant relation between sub-groups. And for CGI4, there were statistically significant positive relations between PBR and Tobin-Q of middle groups and for CGI5, PBR showed no statistically significant relations while Tobin-Q had statistically significant relations between sub-groups. The results of the study are summarized: in analysing corporate governance indexes with PBR and Tobin-Q as subordinate variables, it was verified that large firms, firms in chaebol groups, and firms engaging in food and beverage, medicinal supplies, chemistry, non-metal minerals, machine, steel and metal, and pulp and wooden materials have higher firm values. Therefore, it is suggested that the investment to such firms is highly profitable.