기업지배구조지수 산출에 관한 연구

Many foreign and a few Korean researches use Corporate Governance Index(CGI) to measure firm’s overall control level on managers in these days. But, CGI of prior literatures has some limitations in the way to measure CGI. So the two main objectives of this study are as follows. First, this paper suggest a new way to construct CGI using factor analysis focused on 19 individual corporate governance variables(19 variables) from footnotes of annual audit report to make up for the limitations in the prior researches. Second, The validity of the new CGI in this study(NewCGI) was verified. First of all, NewCGI was calculated by sum of the weighted factor score using explained variance(% of variance) of each factor through factor analysis. Second, 1) Most 19 variables has a different effect on NewCGI and OldCGI in Univariate test and Pearson correlation test. 2) NewCGI has significant relation with most firm characteristic variables(SIZE, LEV, ROA, CFO),Although NewCGI and OldCGI were measured from same 19 individual corporate governance variables, this paper proved that NewCGI was differ from OldCGI in prior literatures. Because NewCGI was weighted by explained variance of each factor, that NewCGI reflected a different effect of individual corporate governance variables on CGI. NewCGI appropriately measure the firm’s overall monitoring level to manager that it gives useful information to Investor’s decision making.