한국 기업에서 이사회 및 감사기구 독립성과 공시 투명성의 결정요인 분석: 가족기업을 중심으로

Purpose The purpose of This study analyzed the determinants of board independence, audit independence and transparency using family dummy variables in Korean companies. Design/Methodology/Approach We used the data of 1,128 samples from 376 companies over three years. In addition, we used 2SLS model apply 2-step regression analysis including instrument variable. Findings First, family companies showed negative influence for board independence, audit independence and Transparency. Secondly, actual board activities and audit activities both showed positive influence. This implies that even if family companies inhibit independence and transparency, real board activities and audit activities have a positive impact on corporate independence and transparency. Research Implications The past studies focus on management performance of family firms. But This study identified the effect of family companies on independence and transparency. According to the results Family firms are less efficient than non-family firms in terms the independence and transparency. This result may be due to the fact that many Korean family firms are used to do unfair trade practices such as complex cross shareholding scheme, propping and tunneling. To ensure corporate independence and transparency It suggests a shift to a professional CEO by separating ownership and management.