사외이사의 전문성이 기업가치와 경영성과에 미치는 영향

The outside director system is introduced to the transparency of corporate management and protect the interests of investors wanted. The introduction of the outside director system seems to affect on firm values ​​and business performances. In this study, the purpose is to show the influence of the outside director’s expertise on firm value and business performance. The number of the outside directors with expertise on firm value and impacts on business performance analysis can be summarized as follows：First, the relationship between the characteristics of the outside directors with expertise and the firm value is greater. The number of outside directors with expertise in firm value has a positive influence (＋). However it has not shown a statistically significant and representative value. Second, the expertise of outside directors has had a negative impact (－) on business performances；this was found in the value. The greater the number of outside directors with expertise and chief executive officers has had a large impact on the decision－making process. This is because it requires a conservative fiscal management who take into account the negative (－) affected side. This study was to introduce the outside directors system for increase of the transparency of corporate management on the status of outside directors with expertise. The number of the outside directors statuses was reviewed throughout the operating period of 10 years. This indicated the limitations of the expertise of outside directors on firm value and business performances, and the results for any impacts were verified empirically and their significances.