지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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In this paper, we discuss the role of the foreign sector as a corporate governance mechanism. We divide the foreign sector into three: foreign consumers, foreign shareholders, and foreign creditors. Analyzing 1,009 manufacturing companies remaining listed in the KOSPI and KOSDAQ markets of Korea from 2002 to 2008, we show that foreign shareholders play an active monitoring role on the management alleviating the agency problem while foreign consumers and foreign creditors tend to cooperate with managers or countenance managers’ misconducts worsening the problem. Foreign shareholders seem to effectively deter managers’ pursuit of private benefits through advanced monitoring and managerial skills. However, foreign creditors and foreign consumers do not due to information asymmetry, geographical distances, and linguistic, cultural, and legal differences. Such a result has been confirmed robust to different statistical techniques of the random effects panel regression analysis, the random effects AR(1) panel regression analysis, and the random effects instrumental variable panel regression analysis.
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참고문헌 (28)
참고문헌 신청
Alti, A. / 2006 / How Persistent Is the Impact of Market Timing on Capital Structure / Journal of Finance 61 (4) : 1681 ~ 1710
Ananchotikul, S. / 2006 / Does Foreign Investment Really Improve Corporate Governance? Evidence from Thailand
Ang, J. S. / 2000 / Agency Costs and Ownership Structure / Journal of Finance 55 (1) : 81 ~ 106
Baker, M. / 2002 / Market Timing and Capital Structure / Journal of Finance 57 (1) : 1 ~ 32
Balestra, P. / 1987 / Full Information Estimations of a System of Simultaneous Equations with Error Component Structure / Econometric Theory 3 (2) : 223 ~ 246
Ananchotikul, S. / 2006 / Does Foreign Investment Really Improve Corporate Governance? Evidence from Thailand
Ang, J. S. / 2000 / Agency Costs and Ownership Structure / Journal of Finance 55 (1) : 81 ~ 106
Baker, M. / 2002 / Market Timing and Capital Structure / Journal of Finance 57 (1) : 1 ~ 32
Balestra, P. / 1987 / Full Information Estimations of a System of Simultaneous Equations with Error Component Structure / Econometric Theory 3 (2) : 223 ~ 246
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