소유구조가 기업지배구조보고서의자발적 공시에 미치는 영향

The Financial Services Commission of Korea introduced the Corporate Governance DisclosureSystem which is 「Comply or Explain」approach and voluntary in March 2017. It has beenoperated for two years. This study examines whether the ownership structure affects the voluntarydisclosure of corporate governance reports. To conduct the tests, we use the listed firms in Korea stock exchange market which is anon-financial and settlement of accounts is December where 85 firm-year that corporate governancereport disclosed and 1,189 firm-year non-disclosed. And we performed logit regression with thedependent variable on the disclosure of the corporate governance report. The result of the empirical analysis shows that companies with the higher ratios of foreignshareholders tend to disclose corporate governance reports and companies with the higher ratios ofcontrolling shareholders tend not to disclose corporate governance reports. It means that under thesystem of autonomously disclosure of corporate governance reports, companies with a high proportionof foreign investors are more likely to have their corporate governance reports run autonomously dueto the pressure of foreign investors to disclose them. On the other hands, if the controllingshareholder has a high equity ratio, there is a possibility that the disclosure of the corporategovernance report will not be made properly, depending on the interests of the controllingshareholder. These results show that despite the government's introduction of the corporategovernance disclosure system to ensure transparency in corporate management, there is a limitationthat information asymmetry related to corporate governance still exist as long as the autonomousdisclosure system is maintained. This study shows that if the system of voluntary disclosure in the corporate governance reportis maintained, there is a possibility that the effect of improving the governance structure and thetransparency of disclosure that policy makers have attempted to achieve may not be significant. These results of this study support the validity of policy of mandating the disclosure system forcorporate governance reports from 2019.