이사회 구성 및 재임기간이 기업 가치에 미치는 영향: 상호작용에 따른 임원 선임의 시사점

This study investigates the effect of board constitution and tenure on the firm value. In particular, this study aims to provide implications for the appointment of directors by analyzing the effects of interactions among key variables on firm value. Empirical results for firms listed in the domestic KOSPI market from 2012 to 2017, board size and the ratio of outside directors have a positive (+) relationship with firm value, and board tenure is negative (-) relationship with firm value. But the excess appointed number of outside directors did not confirm the significant effect on firm value. Therefore, after classifying the group based on whether it exceeded the legal minimum standard, we performed additional analysis the interaction effect between the remaining three key variables. We found evidence that in the Excess appointing group, the interaction between the ratio of outside directors and the board tenure had a significant positive (+) effect on firm value, and in the Non-excess appointing group, the interaction between board size and board tenure had a significant negative (-) effect on firm value. These results suggest the following implications for the board constitution. If a firm has a relatively long tenure in each group, through the decision to increase the ratio of outside directors (in the Excess appointing group), or through the decision to reduce the board size (in the Non-excess appointing group), we believe that additional firm value-enhancing effects can be achieved. However, despite these implications, this study has limitations in that no additional test has been performed on various factors that can affect firm value, such as the actual independence of outside directors.