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논문 기본 정보
- 자료유형
- 학술대회자료
- 저자정보
- 발행연도
- 2010.4
- 수록면
- 71 - 90 (20page)
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What is the impact of foreign investors on firm value and how does it change depending on the presence of foreign directors? This study examines the impact of foreign ownership and foreign board membership on firm value as well as their interaction effect. The empirical study with a sample of 599 firms in Korea with observations during 2004~2007 shows significantly higher value of firms that have either foreign ownership or foreign board membership, while the interaction effect between the two variables gives negative moderating effect on firm value.
We suggest that foreign ownership and foreign board membership can enhance firm value, providing expertise and independent monitoring of majority shareholders. The benefit of foreign ownership, however, is mitigated when it is combined with foreign board membership. This implies that intervention of foreign shareholders in management via foreign directors is likely to mitigate the leverage of value enhancement when they represent private interests of foreign shareholders. It offers the key to an understanding of corporate governance that mutual monitoring and balances among various stakeholders are crucial to the value enhancement of firms.
We suggest that foreign ownership and foreign board membership can enhance firm value, providing expertise and independent monitoring of majority shareholders. The benefit of foreign ownership, however, is mitigated when it is combined with foreign board membership. This implies that intervention of foreign shareholders in management via foreign directors is likely to mitigate the leverage of value enhancement when they represent private interests of foreign shareholders. It offers the key to an understanding of corporate governance that mutual monitoring and balances among various stakeholders are crucial to the value enhancement of firms.
목차
Abstract
Ⅰ. INTRODUCTION
Ⅱ. LITERATURE REVIEW
Ⅲ. HYPOTHESES
Ⅳ. Methodology and Data
Ⅴ. Empirical Findings
Ⅴ. Conclusion
References
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UCI(KEPA) : I410-ECN-0101-2010-326-002898848