한국의 창업자 가족지배기업의 성과

This study examined the impact of founding family controlled company on its performance using a sample of Korean companies. I expected that the performance of founding family controlled company is superior to non-founding family controlled company. I performed the regression analysis to test the relation between founding family controlled firm and it performance. I measure founding family controlled company by a binary variable that equals 1 if the CEO is a founder or a relative of the founder. Firm performance is measured as four alternative measures; first, return on asset, stock returns, q-value, and leverage ratio. Also, I included the explanatory variables; size of board of directors, independence of director, company ages, company growth, fixed asset ratio, and firm size. I fined the result that there is positive relationship between founding family controlled firms and its return on asset. I also fined the significant relationship between founding family controlled firms and tobin-Q and leverage. This result suggest that founding family controlled companies have higher accounting and market performance than companies without such influence. However, I don't fined the significant relationship between founding family controlled firms and stock returns. Overall, this paper provide the limited evidence about that founding family controlled companies are more valuable than non-founding family controlled companies in the Korean market. More research is needed in order understand the role of korean founding family control in a firm and its effect on firm performance; What happens when the model is included various period's sample or various variable relevant to firm control; How founding families manage their internal control structures and how internal control structure influences company manager and its performance.