소유구조가 기업정보공개활동에 미치는 영향 -최대주주지분율과 외국인지분율을 중심으로

This study tests on firm disclosure for outside investor is guaranteed as ownership structure. An effective ownership structure diminishes agency problems by encouraging voluntary disclosure. But it is to be regretted with little study that ownership structure is improving voluntary disclosure to present in Korea. Hence, we study how ownership structure are associated with disclosure practice which are proxy for holding Investor Relations(IR) here. And the ownership structure were measured by the largest shareholder and foreign ownership. In our tests, sample firms were obtained from firms listed in the Korean Stock Exchange from 2003 to 2006. We consider IR frequencies made by 299(2,100-total sample firms) disclosed electronic disclosure systems from KINDS. In logistic regression, we found that ownership structure influenced a likelihood of holding IR significantly. And the regression results showed that the largest shareholder influenced inversely IR frequencies. And foreign ownership have positive relations with the IR frequencies. The results of the paper are expected to contribute to the betterment of the financial disclosure system by studying Investor Relations in Korea. Also our results suggest that foreign investors are responsible for monitoring managerial performance in general and disclosure practices in particular. It helps enhance shareholder value by protecting shareholder interests against managerial opportunism.