장기 기관투자자 투자기간이 기업의사결정과 내부지배구조에 미치는 영향

In this paper, we analyze empirically the effect of long-term institutional investors on major corporate decision-making for companies listed on the Korea Exchange. We divide the major corporate decisions into investment, financing, payout, and internal governance. The main results of this study can be summarized as follows. First, the long-term institutional investor has a negative and significant effect on corporate investment activities such as capital expenditure and changes in credit transactions. This implies that long-term institutional investors cause a decrease in some types of investment activity. Second, the long-term institutional investor has a negative and significant effect on corporate financing activities such as changes in both non-current liabilities and equity. This implies that long-term institutional investors also causes a decrease in some types of financing activities. Third, the long-term institutional investor has a positive and significant effect on a dividend. This implies that long-term institutional investors encourage payout. Fourth, the long-term institutional investor has a positive and significant effect on corporate internal governance such as the ratio of outsider directors and woman on board. This implies that long-term institutional investors strengthen internal governance. The results of this study suggest that long-term institutional investors of Korean companies listed on the Korea Exchange influence major decisions and actions of companies through monitoring activities against managers.