기업지배구조가 효율성 및 기업가치에 미치는 영향 –효율성의 매개효과와 대리인문제의 조절효과를 중심으로-

This paper tries to empirically answer the following two research questions: (1) Does efficiency plays a mediating role in the relationship between corporate governance structure and firm value? (2) Do agency problems influence the association between corporate governance structure and firm value? To address two research question, we collect 2,448 non-financing firm-year data of Korean listed companies for the period of 2003 to 2007. Our empirical findings are as follows. First, we find that corporate governance structure has a positive impact on firm’s efficiency, thereby increasing firm value. These results are consistent with our conjecture that firm’s efficiency plays an important mediating role in the association between corporate governance structure and firm value. Second, the association between corporate governance structure and firm value is significantly greater for firms belong to the business group called “Chaebol” than firms that do not belong to any business group. These results of this paper help to provide evidence on the mediating role of firm’s efficiency in the association between corporate governance structure and firm value. Our results also can help regulatory bodies to set up guidelines for formation and implementation of corporate governance structure.