기업지배구조와 기업가치와의 관계분석-기업지배구조지수를 이용-

Since 1997, IMF crisis and Daewoo bankruptcy prompted Korea's capital market to strengthen corporate governance system and transparency of accounting information. Early in 2000's Korea Corporate Governance Service(KCGS) was established by Korea Stock Exchange and started to evaluate corporate governance of listed companies. This paper analyzes the relationship between corporate governance and firm value using 5 years data(2003-2007) of corporate governance evaluation obtained from KCGS. Previous papers like Black et al(2002) etc. used only 1 year data, thus, this study reexamines the relationship between corporate governance and firm value using extensive 5 years data. Main results show that using OLS regression, there is positive significant relationship between corporate governance index and Tobin'Q, which indicates that as corporate governance index increases, firm value(Tobin'Q) also increases. And based on 2SLS regression, causal relationship was found which indicates that corporate governance mechanism has influence on firm value positively. This results are consistent with Black et al(2002) and Drobetz et al(2003). The results using sub-indices of corporate governance presented that board of director section, disclosure section and audit section indices showed positive relationship with firm value, but shareholders' rights section and distribution of managerial performance section indices did not show any positive relationship with firm value.