소유 경영자가 내재 자기자본비용에 미치는 영향: 재벌기업을 중심으로Owner-Managers and the Implied Cost of Equity Capital: Evidence from Chaebol Firms
- Authors
- 박수연; 전홍민
- Issue Date
- Oct-2021
- Publisher
- 한국경영학회
- Keywords
- owner-managers; agency problem; proportion of outside directors; uncertainty period; implied cost of equity capital
- Citation
- 경영학연구, v.50, no.5, pp 1255 - 1277
- Pages
- 23
- Journal Title
- 경영학연구
- Volume
- 50
- Number
- 5
- Start Page
- 1255
- End Page
- 1277
- URI
- https://scholarworks.bwise.kr/cau/handle/2019.sw.cau/51135
- DOI
- 10.17287/kmr.2021.50.5.1255
- ISSN
- 1226-1874
- Abstract
- This paper examines whether and how different CEO types affect the implied cost of equity capital in Korean chaebol firms. Using 946 firm-year observations of KOSPI-listed firms for the period 2005-2015, a significant positive correlation was observed between chaebol firms with owner-managers and the implied cost of equity capital. This implies that investors regard the agency problems of Korean chaebol firms that have owner-managers as a risk premium factor that requires a higher cost of capital. Moreover, the positive association between chaebol firms that have owner-managers and the implied cost of equity capital was more pronounced in firms with a low proportion of outside directors and high uncertainty period. This paper has potential implications for related literature in that owner-managers, internal governance, and education level may significantly influence the cost of equity capital in Korean chaebol firms.
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