기업지배구조와 사업다각화: 이사회의 역할을 중심으로

This study analyzes whether a systematic relationship exists between boards of directors and business diversification. More specifically, we examine whether key board characteristics have differential effects on firm diversification. Given the overall importance of the board of directors, many stakeholders have paid great attention to the role of the board of directors, so providing detailed evidence on how boards of directors actually behave in practice is of interest to a wide range of stakeholders. Nevertheless, there is only a limited amount of domestic research on the role of the board of directors in relation to diversification. Based on the fact that the board of directors is a key corporate governance structure that influences major corporate decisions (Fama and Jensen 1983), this study aims to test how the board of directors affects business diversification. In other words, this study analyzes whether differential board effectiveness leads to differences in diversification, which is expected to provide useful implications for stakeholders in the capital market. We find the two following results. First, there is a statistically significant positive relationship between board size and business diversification level, and second, there is a statistically significant positive relationship between board independence and business diversification level. Based on these findings our research has certain contributions. First, this study is expected to provide useful information on board competence. Second, this study is different from previous studies on the determinants of business diversification and presents new determinants. In this respect, this study has a distinctive contribution.