기업지배구조에 대한 행태주의적 연구의 현재와 미래

While the extant research focused on contractual views to corporate governance assuming the corporation as a “nexus of contracts,” a stream of research has emerged to adopt more behavioral perspectives to corporate governance from sociological and psychological studies. The present study provides a review and prospects for future research on the behavioral approach to corporate governance. In particular, this study offers behavioral structure and behavioral process as two distinctive perspectives to analyze corporate governance policies and the strategic decision making of top executives. In analyzing the governance decisions inside the firm, 1) the perspective of behavioral structure focuses on the dyadic relationship between Chief Executive Officer (CEO) and her directors and power and social influence over the dyad, while 2)　the perspective of behavioral process emphasizes the individual personality traits and cognitive patterns of the CEO as well as the group processes occurring at the board of directors. In considering the governance decisions outside the firm, 1）the perspective of behavioral structure incorporates a variety of external firm constituents and their relational structure including industry competitors, interlocking directors, the investor community representatives and regulatory authorities, while 2) the perspective of behavioral process pays attention to the evolution of social norms, values and institutional logics supporting a particular governance institution. The study provides an overview and critique of the relevant corporate governance literature in each perspective and concludes by discussing how the behavioral perspective can contribute to the research on corporate governance policies and strategic decision making of Korean companies.