경영권 집중도와 기업가치 : ICT 산업과 그 외 산업 비교

[Purpose] This study investigates whether the relationship between managerial centrality and firm value depends on ICT and non－ICT industries. Also, we examine the moderating effect of foreign shareholders on the relationship between managerial centrality and firm value. [Methodology] We use co－opted directors, management shareholding ratio and owner manager to measure managerial centrality and Tobin’s Q to mearsure firm value. The sample for this study comprises companies listed on the Korea Stock Exchange (KSE) and Korean Securities Dealers Automated Quotations (KOSDAQ) from 2006 to 2019. [Findings] We find a negative relationship between between managerial centrality and firm value in non－ICT industries while we do not find significant relationship in ICT industries. We also find a positive moderating effect of foreign shareholders on thie relationship. [Implications] These results suggest that the relationship between managerial centrality and firm value differ across the industries. Although prior studies focus on the negative effect of managerial centrality on firm value, our investigation contributes to the literature by showing a different effect of ownership control disparity on firm value in high－technology industries.