대주주의 주식담보대출이 기업위험에 미치는 영향

This study analyzes the impact of controlling shareholders' share pledges on corporate risk, focusing on non-financial firms listed on the KOSPI and KOSDAQ markets from 2009 to 2021. It also examines the moderating effects of the largest shareholders' ownership and chaebol affiliation. Additionally, it investigates whether these impacts are attributable to managerial investment behavior. The analysis reveals that corporate risk increases in companies where controlling shareholders have taken share pledges. While no moderating effect of the largest shareholders' ownership is found in the relationship between share pledges and corporate risk, a significant positive moderating effect is observed in chaebol firms. This suggests that chaebol firms may exhibit unique characteristics from an agency theory perspective in the Korean market. Moreover, the increase in corporate risk due to controlling shareholders' share pledges is associated with tendencies toward overinvestment and investment inefficiency. The findings of this study provide important insights into the influence of controlling shareholders' financial activities on corporate management and investment strategies, highlighting the need for more precise regulatory frameworks. The empirical analysis results of this study show consistent outcomes in both the analysis using the propensity score matching method (PSM) and the additional analysis considering investment efficiency.