외부감시인이 무형자산성지출과 기업성과간의 관련성에 미치는 영향

This study examines that external monitors may moderate either the direct effect or the indirect effect of the intangible expenditures-firm performance relationship. The intangible expenditures has positive influence upon firm performance, but is being influenced greatly by managers' decision-making. Managers tend to maximize their utility rather than shareholders' wealth. External governance mechanisms play an important role on controlling this managerial opportunism. This study selected institutional investors, outside board members, financial analysts, and foreign investor as the external monitors of having the strongest independence out of variables for governance mechanisms. To examine the moderate effect, this study used moderate regression that is generally used much. It verified by dividing the moderate effect into 4 categories by quoting a research by Sharma et al.,(1981). And, the sampling period was used data over totally 5 years from 2006 to 2010. The results are as follows. First, we did not find evidence that institutional investors had an effect on the intangible expenditures-firm performance relationship. This finding indicates that institutional investors do not act as external monitors. Second, foreign investor, outside board members and financial analysts had an effect on the intangible expenditures-firm performance relationship. And they had a significant effect on firm performance. These results suggest that foreign investor actively monitor and influence intangible expenditures. This study has two limitations. We have failed to properly control the performance duration of the intangible expenditures and to analyze by dividing the long-and-short propensities of institutional investors.