기업지배구조와 장부가치 그리고 시장가치간의 관계에 관한 실증 연구

This study examines whether Corporate Governance mechanisms can affect book value approximated by Economic Value Added(EVA), market value approximated by Market Value Added(MVA) and their value relevance. For this study, we divide Corporate Governance into the internal and external mechanisms. The external mechanisms of corporate governance are composed of distribution of the proceeds of operation and disclosure and the internal mechanisms are composed of board of directors, audit body and protection of shareholder interests. The major findings of the study are as follows. First, the index related with internal mechanism is positively associated with EVA. In particular, the board of directors and audit body have positive impacts on EVA. Second, the index related with external mechanism is related to EVA and Disclosure among external mechanisms is positively affected to EVA. In addition, we found it existed the differences of value relevance among corporations depending on the level of external mechanism. According to the results of this study, companies could control the discretionary decision making and improve accounting transparency and reliability as well as accounting adjustments. Also, by enhancing external mechanisms as disclosure level and distribution of the proceeds of operations, firms will be able to positive assessments in the market.