기업지배구조 개선과 기관투자자 행동주의  - 헤지펀드 행동주의를 중심으로 -

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저널정보: 한국경영법률학회 경영법률 경영법률 제18권 제1호

발행연도: 2007.1

수록면: 145 - 174 (30page)

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【Abstract】 Improvement of Corporate Governance and Institutional Investor Activism : Focusing on Hedge Fund Activism Min-Yong CHOI Improvement of corporate governance is the main issue of modern corporate law area. Accountability of board of directors lies in the heart of the issue. Therefore, shareholder activism, especially by the institutional investors, has been discussed as a checking mechanism of board of directors. Recently, such discussion turns its light on Hedge Fund Activism because it has superior aspect to other traditional institutional investors such as Pension fund or Mutual fund in performing shareholder activism. Hedge funds are less regulated and independent from other financial institutions. Also, they have a strong motive to pursue high returns both through the financial transactions and the reforms of corporate governance. Further the applicable laws and regulations are being amended to foster such a free and dynamic activism. Some courts cases are held towards such trend as well. Hedge fund activism is characterized with some aspects. First, the activism takes some corporate actions ex ante under the previous investment strategy. Secondly, it gets its success using the way which interacts between corporate finance and corporate governance. Finally, the contents of its demand are mostly on or related to management such as spin-off, management strategy or dividend policy. Statistics does show that 60% of its demand has been accepted by a company. As such, hedge fund activism is expected to perform the role well for the benefit of company and shareholder general. However, we should note that it contains certain risks such as empty voting problem and pursuit of short-form returns at the same time. Some raises the issue that it intervenes in corporate management excessively. However, it is reported that the dangerous cases are not found to need new regulations on its activism up until now. Taking all things into consideration, I am of an opinion that hedge fund activism is performing some positive role to check board of directors. Confronting the attack by hedge funds, the directors are supposed to reconsider whether managerial decision is appropriate or right for the company and shareholder. It surely provides the board of directors with health tension. Check and balance is of essence in corporate governance as well. My opinion does not deny the necessity of keeping an eye on the cases of its activism. Given the risks it contains, we should constantly and carefully watch the movement of it and consider the right time, way and degree of its regulations.

【Abstract】 Improvement of Corporate Governance and Institutional Investor Activism : Focusing on Hedge Fund Activism Min-Yong CHOI Improvement of corporate governance is the main issue of modern corporate law area. Accountability of board of directors lies in the heart of the issue. Therefore, shareholder activism, especially by the institutional investors, has been discussed as a checking mechanism of board of directors. Recently, such discussion turns its light on Hedge Fund Activism because it has superior aspect to other traditional institutional investors such as Pension fund or Mutual fund in performing shareholder activism. Hedge funds are less regulated and independent from other financial institutions. Also, they have a strong motive to pursue high returns both through the financial transactions and the reforms of corporate governance. Further the applicable laws and regulations are being amended to foster such a free and dynamic activism. Some courts cases are held towards such trend as well. Hedge fund activism is characterized with some aspects. First, the activism takes some corporate actions ex ante under the previous investment strategy. Secondly, it gets its success using the way which interacts between corporate finance and corporate governance. Finally, the contents of its demand are mostly on or related to management such as spin-off, management strategy or dividend policy. Statistics does show that 60% of its demand has been accepted by a company. As such, hedge fund activism is expected to perform the role well for the benefit of company and shareholder general. However, we should note that it contains certain risks such as empty voting problem and pursuit of short-form returns at the same time. Some raises the issue that it intervenes in corporate management excessively. However, it is reported that the dangerous cases are not found to need new regulations on its activism up until now. Taking all things into consideration, I am of an opinion that hedge fund activism is performing some positive role to check board of directors. Confronting the attack by hedge funds, the directors are supposed to reconsider whether managerial decision is appropriate or right for the company and shareholder. It surely provides the board of directors with health tension. Check and balance is of essence in corporate governance as well. My opinion does not deny the necessity of keeping an eye on the cases of its activism. Given the risks it contains, we should constantly and carefully watch the movement of it and consider the right time, way and degree of its regulations.

#주주행동주의 #기관투자자 행동주의 #헤지펀드 #헤지펀드 행동주의 #단기수익의 추구 #Shareholder Activism #Institutional Investors Activism #Hedge Fund #Hedge Fund Activism #pursuit of short-form returns

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참고문헌 신청

[단행본

/ 2006 / Client Memorandum from Martin Lipton, Wachtell, Lipton, Rosen & Katz, Attacks by Activist Hedge Funds

Adolf A. Berle, Jr / 1932 / The Modern Corporation and Private Property (1st ed.)

April Klein / 2006 / Hedge Fund Activism / ECGI-Finance Working Paper (140)

Buff. L. Rev / 2006 / Money in the Game; Executing a Governance-based Hedge Fund / Stan. J.L. Bus. & Fin. (12) : 121 ~

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