기업의 지배구조와 자기주식소각과의 관련성에 대한 연구

[Purpose]This study empirically examines whether firms’ treasury share cancellation activities are related to corporate governance. [Methodology]To conduct empirical analyses, we constructed our sample from firms listed on KOSPI and KOSDAQ market from 2010 to 2016. The data on treasury share transactions are extracted from KIND. We utilize the largest shareholder ratio, foreign ownership ratio, board size, and outside director’s ratio corporate governance variables. [Findings]From the empirical analyses, we find that the existence of treasury share cancellation is positively related to the largest shareholders’ ownership and that the treasury share cancellation is negatively related to both the foreign investors’ ownership and the percentage of outside directors. In addition, we find that the size of treasury share cancellation is negatively related to the foreign investors’ ownership and the percentage of outside directors. The results also show that there is a positive association between the size of treasury share cancellation and the largest shareholders’ ownership. [Implication]This study contributes to accounting literature in that it presents new findings on the relation between corporate governance and treasury shares based on the extended sample. This study also suggests a new perspective connecting firms’ treasury share cancellation activities with corporate governance.