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논문 기본 정보
- 자료유형
- 학술대회자료
- 저자정보
- 발행연도
- 2015.8
- 수록면
- 1,786 - 1,810 (25page)
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Resource dependence theory emphasizes the importance of linking firms with external contingencies that create uncertainty and interdependence (Pfeffer, 1972). A critical source of external interdependency and uncertainty for business is government. No matter what the global trends have changed toward privatization and deregulation, the government regulations and policies still hold enormous impact on the operations of the firms. Almost every aspect of business is shaped by government regulations and policies, which can significantly modify firms’ opportunity sets. One way to link a firm to the government is appointing government officials to the boards of directors.
The purpose of this research is to test the effect of government officials as outside directors on firm performance. This research empirically uses and analyzes the samples of Korea’s top companies which were continuously listed in top 500 companies-lists in the website of “Korchambiz” for 5 years (from 2009 to 2013). However, there is an exception for financial institutions, banks, and insurance companies which is difficult to compare and analyze financial statements. We used the dynamic panel regression analysis because of the unavoidable endogenous problem which occurs when the lagged dependent variable is inserted as another explanatory variable in the model (Arellano, 2003; Baltagi, 2008; Greene, 2008).
Our results shows that there is a positive relationship between firm performance and the proportion of outside directors, which is aligned with Pearce and Zahra (1992). Also, firm performance will be higher when the firms have higher proportion of government officials as outside directors and CEO with higher tenure. This research is an attempt to understand the corporate governance composition in Korean firms and their effectiveness on firm performance.
The purpose of this research is to test the effect of government officials as outside directors on firm performance. This research empirically uses and analyzes the samples of Korea’s top companies which were continuously listed in top 500 companies-lists in the website of “Korchambiz” for 5 years (from 2009 to 2013). However, there is an exception for financial institutions, banks, and insurance companies which is difficult to compare and analyze financial statements. We used the dynamic panel regression analysis because of the unavoidable endogenous problem which occurs when the lagged dependent variable is inserted as another explanatory variable in the model (Arellano, 2003; Baltagi, 2008; Greene, 2008).
Our results shows that there is a positive relationship between firm performance and the proportion of outside directors, which is aligned with Pearce and Zahra (1992). Also, firm performance will be higher when the firms have higher proportion of government officials as outside directors and CEO with higher tenure. This research is an attempt to understand the corporate governance composition in Korean firms and their effectiveness on firm performance.
목차
Abstract
Chapter 1 Introduction
Chapter 2 Theory Development
Chapter 3 Literature Review
Chapter 4 Research Model and Hypothesis
Chapter 5 Methodology
CHAPTER 6 RESULT
CHAPTER 7 Discussion and Conclusion
References
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