사외이사 경영참여가 기업성과에 미치는 영향

The financial crisis of Korea in the late 20th century has encouraged shareholders to pay particular attention to the role of board of directors(BODs)with an increasing agreement on the positive effects of BODs on the firm’s performance, and as a result many firms have been forced to get transformed into a shareholder-oriented feature in its corporate governance. and The basic premise of the current argumentation is that the presence of outside directors should be legitimate only if they could serve as both a controller and supporter to the firm’s focal decisions. Based on this premise, the present study raises the intriguing questions about the involvement of outside directors affects the firm’s performances. Therefore, the present study focuses primarily on the relationship between the outside director involvement and the firm’s performances. Specifically,the present study examines the relationship between the ratio of outside directors and ROA, the relationship between outside directors’ attendance rates and ROA,the relationship between organizing of outside director nominating committee and ROA, and the relationship between organizing of audit committee and ROA. 312 firms listed on KOSPI have been investigated. In total 1,872 samples were used. The results of the study are summarized as follows. First, the ratio of outside directors is positively associated with ROA. Second, outside directors’attendance is positively associated with ROA. Third, organizing of audit committee is positively associated with ROA. In an additional analysis of less than 2 trillion won corporate targets, the ratio of outside directors and outside directors’attendance are positively associated with ROA.