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KCI 등재

기업지배구조가 투자의사결정 및 생산성에 미치는 영향

The Effects of Corporate Governance Structure on Firms' Investment Activities and Productivies

생산성연구: 국제융합학술지
약어 : -
2010 vol.24, no.1, pp.205 - 226
DOI : 10.15843/kpapr.24.1.201003.205
발행기관 : 한국생산성학회
연구분야 : 경영학
Copyright © 한국생산성학회
325 회 열람

This study empirically examines the influence of corporate governance structure upon corporate investment activities and productivities. Findings are as follows. First, R&D investment decreases with the increase of the manager's ownership, and increases with the increase of tangible asset investments. This finding implies that managers avoid to make investment decisions in which risks are high. Second, institutional investors'ownership has a negative influence upon tangible asset investments and corporate capital investments, implying that they do not play a particular restraining function and work for the long-term recovery investment with a myopic viewpoint. These findings show the corporate governance structure is correlated with corporate investments and productivities.

Governance, Ownership, Research and Development Cost, Agency Cost, Audit Committee