금융협동조합 지배구조에 따른 대리인비용

[Purpose] This study aimed to demonstrate how the characteristics of members and the difference of their participation in governance affected on agent costs for the two financial cooperatives, local agricultural cooperatives and regional credit cooperatives. [Methodology] This study derived three hypotheses on agent costs of the financial cooperatives based on the agency theory and prior studies. These hypotheses were empirically tested through regression analysis. We used the number of members and equity to assets ratio as independent variables which could affect the agency costs and were representing for formal and substantial participation of the cooperative governance respectively. [Findings] Local agricultural cooperatives with high participation in business have lower agency costs than those of regional credit cooperatives. While the hypothesis that the effect of the number of the members on agent costs could be lower than that of regional credit cooperatives was partially supported, the hypothesis that the effect of equity to assets ratio on agent costs could be lower than that of regional credit cooperatives was supported. [Implications] This study provided a practical evidence to support the claim that the substantial participation of the cooperative members could alleviate the agency problems in the financial cooperatives.