제도의 구조와 구조변화 - 기업지배구조 제도를 중심으로 -

This study tries to reveal the reasons of emasculation of institutions implanted to us. This study explored answers to this question with two presuppositions: first, imported institution is a small tip of huge institutional iceberg that enable a transaction happen, and second, concerning that institutions are the products of social history and tradition, imported institution will be assimilated with local institutions. According to the results, focusing on comparative study on institutions over corporate governance, almost every condition supporting implanted institutions is fundamentally different. Most of diverse institutions cultivated to reduce transaction cost between shareholders and managers were not found or never operated properly. Distrust and opportunism fundamentally hinders the role of informal institution. Governance by markets, such as M&A market, management capability market, security market, institutional investor, is also underdeveloped to control moral hazard of hired manager. In terms of shareholders, therefore, our formal and informal institutions are insufficient to protect shareholder's property from opportunistic behavior of hired manager. As long as a tip of imported institutions could never be sufficient to protect shareholder's property, emasculation or assimilation of implanted institutions would also be inevitable.