경영자의 단기지향성과 기업지배구조가 자본적 투자활동에 미치는 영향

This paper examines the relationship between investment propensity and capital investment activities in a sample of korean companies. I examine whether managerial short term orientation affects the association between investment propensity and capital investment. This study also expects that the probability that managers perform effective and efficient value－increasing projects as a long－term point of view is an increasing function in degree of corporate governance. I perform the moderated regression analysis to test hypotheses of this paper and find the results as follows：Firms with aggressive investment propensity perform more active capital investment；There is a positive relationship between managerial short term orientation and capital investment for firms with high degree of free cash flows and low degree of growth opportunities because higher degree of managerial short term orientation increases the agency cost of managers, so inducing decrease of efficiency of investment activities. In addition, I provide the evidence about positive effect of audit committee of corporation on the efficiency of capital investment. Implementing the independence and effectiveness of audit committee are effective in reducing inefficient investment strategies. I expect that the findings of this study would provide the opportunity to induce active capital investment of companies and lay emphasis on investment efficiency with corporate governance. I expect that an extension of this study including enough samples with full data of specific period would induce more important implication for the corporate investment strategies.