기업의 소유구조와 자사주매입간의 관계

In this paper, we analyse empirically the relations between ownership structure and stock repurchase of firms listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Stock repurchase decrease as large shareholder' equity holdings increase, stock repurchase decrease as the difference between first largest shareholder's and second largest shareholder's equity holdings increase. Stock repurchase decrease larger in owner-controlled firm than in management-controlled firm. And, stock repurchase decrease individual largest shareholder's equity holdings than both financial institution largest shareholder's and firm largest shareholder's equity holdings. These results support the expropriation of minority shareholders hypothesis that large shareholders can extract private benefits from corporate resources under their control at the expense of minority shareholders. This paper contributes to defining information value of large shareholder's equity holdings on stock repurchase for a firms' other stakeholders such as investors and creditors, and to strengthening a legal and institutional safeguard for external minority shareholders. Ownership concentration might have negatively affected the evolution of the legal and institutional frameworks for corporate governance and the manner in which economic activity is conducted. It could be a formidable barrier to future policy reform.