기업의 이사회 위원회 구조와 기업가치

This study analyzes empirically the relationship between Tobin's Q, and the board structures on the basis of the committee structures within the boards and roles of inside/outside directors within the committees. Samples were used 621 year-firms among firms listed in Korea Exchange for the period of 2004-2008, which has more than 1 committee within the boards. The results of this study are summarized as follows; First, there is no correlation between firm value (Tobin's Q) and the ratio of outside directors in the board. Second, there is a different result in the ratio of outside directors based on CEOs' influence. It is shown that outside directors ratio of the firms with high CEO power is significantly low. Third, it is witnessed that there is no relation between current firm value and the ratio of inside directors in the finance or investment committee, but there is a positive correlation between next term firm value and the ratio of inside directors in the finance or investment committee. Fourth, there is significantly positive association between next term firm value and the ratio of outside directors in the audit or compensation committee. The results imply there is a positive side of the inside directors, which means the board requires the specialized information on the business in order for the inside directors to assess and ratify the long-term strategies of the firms, in turn, the information influences to next year Tobin's Q in a positive manner.