미등기임원 지배주주와 기업가치

This study analyzes whether the gap between management authority and responsibility negatively affects corporate value when the controlling shareholder, who has a substantial influence on management decision-making, is serving as an unregistered executive. In this study, if a controlling shareholder serving as an unregistered executive receives the highest salary in a company than a professional management CEO, it is considered that it has a substantial influence on management decision-making regardless of its nominal position. As a result of analysis for the period from 2018 to 2021, when remuneration for unregistered executives can be confirmed, I find out that the existence of unregistered executive controlling shareholders, who receive the highest remuneration in the company and more remuneration than the professional CEO of the company, has significantly increased accounting opacity and has s significant negative impact on corporate value. The results of this study suggest that if responsibility corresponding to the authority exercised by managers is not given, it can be negatively affect companies as a possibility of managers’ moral hazard. Also, it is necessary to consider the existence of unregistered executive controlling shareholders in research related to manager power.