지배가족의 기업통제와 내부자본 의존도: 기업지배구조의 조절효과 검증

This study analyzed internal capital dependence of Korean family-controlled firms, with a focus on the moderating effect of corporate governance structure. Using a dataset of 9,561 firm-year observations from companies listed on the Korea Exchange from 2004 to 2022, we constructed an unbalanced panel dataset and employed the System-GMM methodology for dynamic panel data analysis. The results of the analysis are as follows. First, in the case of Korean companies, the dependence on internal capital is high when raising investment funds, but when the controlling family controls the company, the dependence on internal capital for investment funds is alleviated. Second, it was confirmed that in the case of family-controlled firms with good governance structures, financial constraints were alleviated and dependence on internal capital was reduced. It was understood that a good governance structure reduced information asymmetry problems and lowered external capital procurement costs, which alleviated financial constraints and reduced dependence on internal capital. In other words, it was found that the corporate governance structure has a moderating effect on the dependence of family-controlled firms on internal capital.