개인대주주지분이 소액주주의 이익에 미치는 영향：현금배분의사결정을 중심으로

This paper analyzes how the effect of individual block ownership on a firm’s cash distribution varies by the firm characteristics. Individual block ownership is positively associated with cash distribution, when a firm suffers from information asymmetry. In a firm with plenty of growth opportunities, individual block ownership is negatively related to cash distribution. Cash distribution can be a good signal of a firm’s prospect and be essential in a firm with few alternatives to convey information to the market. Retained cash is considered an efficient source of financing for fast growing firms. The results can be interpreted that increase in individual block ownership can facilitate a firm’s decision to provide benefits to both individual blockholders and minority shareholders. On the other hand, individual block ownership is negatively associated with cash distribution when both weak information asymmetry and large financial slack are present. The result suggests that lack of urgent needs for signaling a good sign to the market encourages the individual blockholders to support a decision of retaining cash inside a firm for pursuing their own private benefit. It shows that increase in individual block ownership can deteriorate the agency problems between shareholders in the case of large mature firms with affluent cash resources, instead of reducing management agency problems.