기업지배구조가 벌과금 부과에 미치는 영향에 관한 연구

The purpose of this study is to investigate the relationship between corporate misconduct and corporate governance. The reason why corporate governance relates to its misconduct is if the supervision by the board and audit organizations and the voluntary discipline function through external disclosure are working normally, these monitoring subjects can block the possibility of more cash outflows due to fines on companies by preventing short－sighted misconduct by companies and the management in advance. In addition, if corporate misconduct occurs, good governance is important in terms of not only the cash flow of the company but also the utility of society as a whole in that they may be neglected or blamed by the community and potential consumers due to its negative image. The empirical results of this paper are summarized as follows. First, as the overall level of corporate governance was better, the size of fines decreased. In this case, considering the details of internal governance, as the board was more independent, the monitoring function of audit organizations was more thorough, and external disclosure was more fair, the size of fines decreased consistently. Second, as the stake held by foreign investors who were external monitoring subjects was higher, the size of fines decreased. Third, as the investment stake of major shareholders who were often seen as one of the most powerful watchers to monitor executives was higher, the size of fines decreased.