기업지배구조가 투자의사결정 및 생산성에 미치는 영향

This study empirically examines the influence of corporate governance structure upon corporate investment activities and productivities. Findings are as follows. First, R&D investment decreases with the increase of the manager's ownership, and increases with the increase of tangible asset investments. This finding implies that managers avoid to make investment decisions in which risks are high. Second, institutional investors'ownership has a negative influence upon tangible asset investments and corporate capital investments, implying that they do not play a particular restraining function and work for the long-term recovery investment with a myopic viewpoint. These findings show the corporate governance structure is correlated with corporate investments and productivities.