기업경영체제에 따른 경영자지배구조와 기업성과

The purpose of this paper is to provide data regarding the managerial efficiency of the management system by analyzing the relationship between corporate governance structure and corporate performance. To accomplish this purpose, this study selected 440 manufacturers and wholesalers for analysis from among the 784 companies listed on the Korean Stock Exchange as of the end of 2010. As a result, we find three major common features. First, the listed companies of Korea maintain the ownership management system in terms of control by majority shareholders. Second, equity ratio by the controlling shareholder(OWN) have a significant positive (+) relationship with corporate performance in the ownership management system, however, in the professional management system did not find a significant relationship. This is meaning to appears largely corporate performance in the ownership management system, rather than in the professional management system, Third, in the ownership management system, equity ratio owned by all executives(GOCT), and equity ratio owned by executives who are not controlling shareholders(GOCN) have a significant negative (-) relationship with corporate performance. This is meaning that if equity ratio owned by executives increase, executives should seek private profits, rather than private shareholders' interests in pursuit of profit. But in the professional management system did not find any commonality.