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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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논문 기본 정보
- 자료유형
- 학술대회자료
- 저자정보
- 발행연도
- 2024.8
- 수록면
- 1,438 - 1,469 (32page)
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This study analyzed the impact of the control-ownership disparity on operational performance in large domestic business groups. The analysis utilized the shareholding structure and operational performance information provided by the Fair Trade Commission"s corporate group portal. The data originally presented on an affiliated company basis, was aggregated and reorganized to reflect the performance of entire large-scale corporate groups, following the analysis methods suggested by the Fair Trade Commission.
The study examined 230 business group-year observation, focusing on the 10 largest business groups from 2001 to 2023. Operational performance was measured by the net profit ratio on total assets, and the control-ownership disparity was calculated using the Fair Trade Commission"s methodology.
Changes in ownership, control, and the control-ownership gap were observed as follows. Ownership, calculated as the sum of shares held by the same person and their relatives, decreased from 5.23% in 2001 to 2.48% in 2023, a drop of approximately 2.75 percentage points. This decrease is attributed to reductions in both the same person’s share (2.47% to 1.28%) and relatives" share (2.76% to 1.20%). Control rights, including ownership, affiliated company shares, executive shares, and non-profit corporation shares, increased from 43.03% in 2001 to 52.89% in 2023, a rise of about 9.86 percentage points. This increase is primarily due to a significant rise in affiliate shares (37.32% to 50.08%), despite decreases in ownership (5.23% to 2.48%) and executive shares (0.26% to 0.05%). Consequently, the control-ownership gap widened by approximately 12.61 percentage points from 37.80% in 2001 to 50.41% in 2023.
Empirical analysis results for the 10 large-scale business groups indicated that contrary to expectations, a higher control-ownership disparity did not negatively impact operational performance. Instead, the control-ownership gap had a positive effect on operational performance. This finding aligns with the study by Kang, Shin, and Jang (2005), which reported that control rights and voting multipliers did not significantly negatively impact future corporate value and operational performance. Thus, the hypothesis that increased voting multipliers enable controlling shareholders to exploit minority shareholders and reduce corporate value is not supported.
The study examined 230 business group-year observation, focusing on the 10 largest business groups from 2001 to 2023. Operational performance was measured by the net profit ratio on total assets, and the control-ownership disparity was calculated using the Fair Trade Commission"s methodology.
Changes in ownership, control, and the control-ownership gap were observed as follows. Ownership, calculated as the sum of shares held by the same person and their relatives, decreased from 5.23% in 2001 to 2.48% in 2023, a drop of approximately 2.75 percentage points. This decrease is attributed to reductions in both the same person’s share (2.47% to 1.28%) and relatives" share (2.76% to 1.20%). Control rights, including ownership, affiliated company shares, executive shares, and non-profit corporation shares, increased from 43.03% in 2001 to 52.89% in 2023, a rise of about 9.86 percentage points. This increase is primarily due to a significant rise in affiliate shares (37.32% to 50.08%), despite decreases in ownership (5.23% to 2.48%) and executive shares (0.26% to 0.05%). Consequently, the control-ownership gap widened by approximately 12.61 percentage points from 37.80% in 2001 to 50.41% in 2023.
Empirical analysis results for the 10 large-scale business groups indicated that contrary to expectations, a higher control-ownership disparity did not negatively impact operational performance. Instead, the control-ownership gap had a positive effect on operational performance. This finding aligns with the study by Kang, Shin, and Jang (2005), which reported that control rights and voting multipliers did not significantly negatively impact future corporate value and operational performance. Thus, the hypothesis that increased voting multipliers enable controlling shareholders to exploit minority shareholders and reduce corporate value is not supported.
목차
Abstract
Ⅰ. 서론
Ⅱ. 이론적 배경
Ⅲ. 대규모기업집단의 소유지배괴리도
Ⅳ. 연구방법론
Ⅴ. 실증분석 결과
Ⅵ. 결론
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