의결권 행사와 기업지배구조와의 관련성에 대한 연구: 국민연금이 지분을 보유한 기업을 중심으로

This study would analyze if the total number of voting rights and the ratio of opposing voting rights exercised at the general meeting of stockholders improved the governance of investment enterprises and played a role in supervising the management with enterprises of which over 5% shares were held by the National Pension as public pension funds. As a result, the more the total number of voting rights by the enterprise’s active exercise of voting rights, the higher the score of the corporate governance of the following year became. The analysis was conducted only for companies that can not target all companies due to the limitation of data collection. However, the higher the ratio of opposing voting rights, the lower the corporate governance became. In addition, according to the result of an analysis of the impact of the exercise of voting rights on corporate values, stockholders’ exercise of voting rights was not related to corporate values. Thus, it is suggested that more voting rights by the stockholders’ active action could play a role in supervising the management to improve corporate governance. With the introduction of stewardship code, institutional investors’ exercise of voting rights could affect the improvement of corporate governance, and accordingly, it would be necessary for institutional investors to fulfill their responsibilities as fiduciaries and exercise their rights, faithfully.