지방공기업의 지배구조와 대리인비용

This study is focused on the findings of corporate governance elements which effect on the agency costs in local public enterprises . The processes of this empirical study are establishment of research hypotheses, elaboration of test model, definition and measurement of 129 sample companies, empirical analysis and interpretation of results. The data used in this research are provided from http://www.cleaneye.go.kr/programs in Korea. The proxies of corporate governance (dependent variables) are size of board , outside director. Number of auditing in fiscal year, management incentives and proxies of agency costs(independent variables) are sale and management expenses/operating revenues, operating revenues/total assets, operating revenues/other operating expenses, control variables are ratio of current liabilities/total assets, ratio of net cash inflow /total liabilities, dummy variable. The results of this study are as followings. First, the size of board takes positive effects on the agency costs(operating revenues/total assets) in local public enterprises. Second, Number of outside director takes positive effects on the agency costs(operating revenues/total assets) in local public enterprises Third, Number of auditing in fiscal year takes positive effects on the agency costs(operating revenues/total assets) in local public enterprises. Fourth, the top management incentives takes positive effects on the agency costs(operating revenues/total assets) in local public enterprises Therefore It is necessary to increase the number of outside director or auditing in fiscal year for improvement the efficiency of local public enterprises in Korea.