기술지주회사의 지배구조와 지분매각수익 및 배당수익

This study empirically analyzes the impact of the governance structure of university technology holding companies (THCs) on key financial performance metrics, namely proceeds from equity sales (RSS) and dividend income (DY). Grounded in resource dependence theory and agency theory, this study defines joint establishment (TYPE), external Capital Ratio (ECR), and CEO separation (CEO) as the primary governance variables. The hypotheses were tested using a sample of 260 firm-year observations of THCs nationwide from 2021 to 2023. The analysis reveals that a governance structure separating the CEO from the Head of the Industry-Academic Cooperation Foundation has a consistent and significant positive impact on dividend income (DY). This finding empirically supports the proposition that the separation of ownership and management reduces agency costs and enhances shareholder value. In contrast, neither joint establishment nor external Capital Ratio showed a statistically robust association with proceeds from equity sales or dividend income. This study’s academic contribution lies in providing empirical evidence for the necessity of separating the CEO role to secure managerial expertise and prevent conflicts of interest, thereby enhancing THC performance. Furthermore, it suggests that improving accounting rules and disclosure systems to reflect the unique characteristics of THCs is an urgent policy task for vitalizing external investment.