본 연구는 국내 자본시장이 글로벌 금융위기를 겪었던 시점을 기준으로 소유구조, 자본구조, 상품시장, 그리고 기업지배구조 등의 특성이 개별기업의 주가하락에 미치는 영향을 살펴보았다. 특히, 소유구조를 중심으로 진행된 기존의 연구와 달리 본 연구에서는 개별기업의 지배구조적인 특성을 종합적으로 평가한 자료를 이용하여 기타 요소들의 영향을 구체적으로 분석하였다.
분석 결과, 기존 연구 결과와는 달리 재벌여부나 외국인 지분율 등 소유구조적인 특성은 경제위기 시 기업가치 하락에 유의적인 영향을 미치지 않는 것으로 나타났으며 외화부채 등 자본구조적인 특성 역시 영향을 미친다는 직접적인 증거를 찾을 수 없었다. 이와 달리 지배구조는 주가에 긍정적인 영향을 미치는 것으로 나타났는데 구성 요소 중 특히 이사회 역할이 좋고 배당을 지급하는 기업일수록 주가수익률이 유의적으로 높게 나타나 경제 위기 상황에서도 이사회가 경영자를 효율적으로 감시 및 지원하고 지속적으로 배당을 지급하는 기업은 대리인 문제가 완화되어 주가수익률에 긍정적인 영향을 미친 것으로 판단된다.
종합적으로, 본 연구는 기업이 경제위기와 같은 외부 충격을 겪을 경우 소유 및 자본구조적인 특성 보다 실제적으로 경영자의 의사결정 과정을 효율적으로 감시 및 지원할 수 있는 이사회의 기능과 지속적인 배당이 기업가치에 더욱 중요하다는 실증적인 증거를 보여준다.
This paper examines the question of whether a firm’s stock price returns are affected by corporate governance structures as well as ownership, capital and product market structures surrounding the global financial crisis. Apart from previous studies focusing mainly on ownership structures, this study uses more comprehensive governance-related data such as dividend policy and board of directors as well as ownership structures. Unlike previous literature we find that firm characteristics such as whether a firm is a chaebol or not and a foreign ownership level do not have an influence on decreases in firm value during the crisis period. Furthermore, there is little strong evidence that capital structure such as the level of foreign debt financing is significantly related to firm value during at least the economic downturn. In contrast, corporate governance is positively associated with a firm’s stock returns during the same period. Moreover, we find evidence to support the view that both board of directors and dividend policies can play a conclusive role in firm value over the crisis period. This implies that board of directors and dividend policies can mitigate agency problems, which results in the positive effects on firm value. In sum, we argue that the role of board of directors and consecutive dividend policies are more important factors for firm value relative to ownership and capital structures especially during the financial crisis period at least in Korea.
This paper examines the question of whether a firm’s stock price returns are affected by corporate governance structures as well as ownership, capital and product market structures surrounding the global financial crisis. Apart from previous studies focusing mainly on ownership structures, this study uses more comprehensive governance-related data such as dividend policy and board of directors as well as ownership structures. Unlike previous literature we find that firm characteristics such as whether a firm is a chaebol or not and a foreign ownership level do not have an influence on decreases in firm value during the crisis period. Furthermore, there is little strong evidence that capital structure such as the level of foreign debt financing is significantly related to firm value during at least the economic downturn. In contrast, corporate governance is positively associated with a firm’s stock returns during the same period. Moreover, we find evidence to support the view that both board of directors and dividend policies can play a conclusive role in firm value over the crisis period. This implies that board of directors and dividend policies can mitigate agency problems, which results in the positive effects on firm value. In sum, we argue that the role of board of directors and consecutive dividend policies are more important factors for firm value relative to ownership and capital structures especially during the financial crisis period at least in Korea.
