기업지배구조와 외국인지분이 기업가치에 미치는 영향

This study examines the effect of corporate governance and foreign ownership on firm value. The level of governance and foreign ownership can increase firm value because it reduces agent cost between manager and interest parties and increases management efficiency and transparency. This study empirically analyzed Panel analysis and 2SLS method for the effects of individual and interaction of corporate governance and foreign equity on corporate value, using the corporate governance evaluation data for listed companies from 2010 to 2015. The results are as follows. First, as the level of corporate governance has a significant positive relationship with firm value, the higher the level of corporate governance, the higher the firm value. However the relationship between corporate governance sub-components and firm value implies that there is a difference in the effect on corporate value depending on the components of the governance structure. Second, the foreign ownership has a positive relationship with the firm value, the value of the firm increases as the foreign ownership increases. This can be seen as a result of foreign investors carrying out efficient monitoring activities and increasing corporate value. Third, the interaction between corporate governance and foreign ownership has a significant positive relationship with firm value, but the interaction between sub-components and foreign ownership does not have a significant relationship with firm value. Therefore, the relationship between total corporate governance and firm value is influenced by the foreign ownership, The higher the foreign ownership, the more the firm value increases.