사외이사의 특성에 따른 자본시장반응

This paper examines whether the introduction of outside directors in 2003 affects the value relevance of earnings information and stock market efficiency. Specifically, I classify characteristics of outside directors into independence, activity level, and competence, and investigate whether these characteristics influence stock price behavior. Moreover, I test whether investors use information regarding outside directors and the information is efficiently reflected into stock returns. First, as predicted, I find a significantly positive association between quality of outside directors and valuation multiples on earnings. It can be interpreted as the independence, activity level, and competence of outside directors have a positive impact on valuation implications of earnings information. Second, as expected, I find empirical evidence suggesting that the information about outside directors is properly impounded into stock prices. It indicates that stock markets are efficient in the sense that stock prices impound full implications of characteristics of outside directors of firms. Overall, this paper provides evidence that is consistent with the claim that stock markets fully incorporate the information about characteristics of outside directors.