사외이사, 독립이사 그리고 기업가치: 한국과 미국의 비교연구

초록

This paper analyzes the effect of board of directors on firm value in U.S. firms with quantitative methodologies in order to compare those of Korean firms. Our empirical analysis is based on the U.S. and Korean firms during 2009-2014. First, the average board size of Korean firms is 6.21, which is much smaller than that of U.S. firms (9.13). Second, the board independence of Korean firms (which is measured by the portion of outside directors) is 44.75%, while the portion of independent board members is 78.84% in U.S. firms on average. Finally, the firm value of Korean firms is not related to the board independence (portion of outside directors on board). However, the higher board independence leads to the greater firm value in U.S. firms. Although there were a lot of attempts to improve corporate governance in terms of board of directors in Korea since 2000, it is not sufficient to make corporate board positively influence on the firm value..

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