기업지배구조와 경영성과 변동성과의 관계분석

This study analyzes the relationship between corporate governance and stock return variability which is risk part of business performance. In this study 2009-2013 corporate governance data(5 year) of Korea Corporate Governance Service were used. According to the empirical study results, variability of business performance (absolute stock return and market-adjusted stock return) does not decrease significantly when overall corporate governance index increases. But 4 year results out of 5 year results show that the coefficients of corporate governance present negative signs and 2 year results out of the 4 year results present significant negative signs in coefficients of corporate governance. This indicates that firms with strong corporate governance lead to the decrease of variability of stock return. Anaysis of the sub indices of corporate governance shows that protection of shareholder’s right, audit and fair distribution of business performance present a significant negative coefficients implying a decrease in variability of stock return. In summary, based on communication/adjustment theory, firm which has strong corporate governance system shows decrease of variability in stock return through adjusting various ideas and rejecting extreme opinions in board of directors. Also based on agency theory, firm which has strong corporate governance system presents decrease of stock return variability through limiting the power of CEO.