경영자의 개인적 특성이 기업가치에 미치는 영향

Abstract

Purpose: The purpose of this study is to evaluate the influence of the personal CEO’s characteristics on Firm value. In detail, this study used age, level of education, and major as a components of CEO’s personal characteristics. This study also evaluated the influence of CEO’s ownership degree and the external recruitment on firm value. Research design, data and Methodology: To implement research, we selected sample companies registered in KRX from 2010 to 2012. There were total of 2,481 companies satisfied the criteria of this study. Results: First of all, it has been found that as CEO’s age gets older, the firm value gets lower. Second, it has been found that depend on the level of education of CEO, firm values are varied. Third, the firm value was lower when CEOs of companies majored in commerce, law, and public administration than when CEOs of companies majored in other studies. Forth, firm value gets lower as CEO’s ownership degree gets higher. Fifth, firm value was higher when companies recruit CEO from outside than when companies promoted CEO from the inside. Lastly, if the largest shareholder work as a CEO, it creates the positive impact on firm value. Conclusions: Based on this study, it has been found out that CEO’s age, level of education, major, and the ownership degree have to be considered when the company appoint CEO and it could be also good for the company to recruit CEO from outside of the company.