경영자 자기과신과 기업가치 : 지배구조에 따른 연구

The purpose of this study is to examine whether corporate value declines due to managerial self - confidence. In addition, we examined whether corporate governance can control the decline of corporate value due to managerial self – confidence. The sample was the securities market from 2013 to 2018. The results of the study are as follows. First, firms with high self - esteem showed a significant decline in corporate value. Second, internal corporate governance does not play a role in controlling firms with high self - esteem. This is the result of showing that the role of outside directors in supervising the management of the outside directors in the sample of Korea is weakened by various societal relations such as school or delay. Third, external corporate governance can partially control firms with high self - esteem. In other words, in the case of the foreign ownership ratio represented by the external governance structure, it is analyzed that the higher the foreign ownership rate. This study has significance in that it studies the reduction of corporate value due to the self - confidence of the manager, which has recently been discussed, from the viewpoint of the governance structure. In particular, it is worth noting that governance is divided into internal governance and external governance at a time.