이사회구조에 따라 코스닥 등록기업의 소유구조가 기업가치에 미치는 영향

This study investigates empirically the Relation of Firm value and Institutional Investors with Outside Directors. As for the stage of empirical analysis, the process was carried out in the order of establishment of research hypotheses, elaboration of a test model, definition and measurement of variables, selection of sample companies, empirical analysis and interpretation of result. The empirical results are summarized as follows. First, In relation to effects of ownership structure on firm value, the management entrenchment hypothesis by Morck et al.(1988) that the relationship between major shareholders' holdings and firm value is negative and the result by Pound(1988) that the relationship between foreign shareholders' holdings and firm value is positive are supported. Institutional shareholders' holdings do not show the significant results. Second, In relation to effects of board structure on firm value, the equally the results of prior researches(Vafeas 2000, Choi et al.2004), the higher the ratio of outside directors in the board, the higher firm value. Moreover, Directors in boards that meet more frequently are more likely to perform their works in accordance with shareholder's interests. Board size do not show the significant results.