가족기업 내 특수관계인 거래가 기업가치에 미치는 영향

This study analyzes the effect of family owners' management on firm value and further verifies the possibility of related party transactions being used for private interests of family firms. We collect annual reports of listed companies from 2011 to 2019 to find family firm evidence and select 11,614 firm-year observations as a final sample, in which we are able to confirm the relationship between the largest shareholders and executives. We find that firm value(TobinQ and MTB) of family firms is lower than that of non-family firms and related party transaction of family firms has a significantly negative(-) effect on firm value. Related party transaction. This finding means that, despite its positive effect on transaction cost, related party transaction is often recognized as private interests action for business succession and negatively affects firm value. In additional analysis, we find the significantly negative relation between related party transaction and firm value is found only in the KOSDAQ firms sample. We interpret this result as an evidence of weaker monitoring and checking ability of KOSDAQ market on related party transactions, as compared with those of KOSPI market. The contributions of this study are as follows. First, we analyze a large sample of family firms, especially after adoption of IFRS, and their related party transactions. Second, we investigate the interactive effect of family firms and their related party transactions which could have both positive and negative effects on firm value, whereas previous studies have focused on one of them separately. We expect the results of this study could provide improvement considerations on the disclosure level of family firms for stakeholder.