기업지배구조와 동반성장 간의 관련성 연구

This study examines the effect of Corporate Governance on Win-Win Growth. Prior researches reported the effect of Corporate Governance on Corporate Social Responsibility(CSR) and in the same vein, we focused on Corporate Governance on Win-Win Growth. In this study, the proxies of Corporate Governance are evaluation grade of Corporate Governance that reported by Corporate Governance Service(CGS), Majority Shareholder’s ratio, and Foreign Investor’s ratio. And the proxy of Win-Win Growth is evaluation grade of Win-Win Growth that reported by Korea Commission for corporate Partnership. Of corporations listed with Korea Exchange's marketable securities market from 2011 to 2016, 3,053 firm-year were sampled. And for robustness of the study result, we utilized additional sample group that are composed of companies conduct Win-Win Growth activity. The major findings of this study are as follows. First, the evaluation grade of Corporate Governance and Win-Win Growth has a significant positive relevance. Second, Majority Shareholder’s ratio and Win-Win Growth has a significant negative relevance. Third, the Foreign Investor’s ratio and Win-Win Growth has a significant positive relevance. Especially, These results are supported by additional analysis composed the sample of corporate conducted Win-Win Growth activity. It could be expected that good Corporate Governance and Foreign Investor can be helpful to stimulate Win-Win Growth activity. On the one hand, according to this study, Majority Shareholder can be got in the way of Win-Win Growth activity. We hope that this study can be helpful to make healthy capital market.