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題名 公司治理對家族與非家族企業經營績效之影響 ：以KOSPI上市公司為樣本
The Effect of Corporate Governance and Family Firm on Performance of Firms Listed on Korean Stock Market (KOSPI)
作者 邊多美
Byun, Da-Mi
貢獻者 林宛瑩
Lin, Wan-Ying
邊多美
Byun, Da-Mi
關鍵詞 公司治理
經營績效
家族企業
股權結構
Corporate Governance
Firm Performance
Family Firm
Ownership Structure
日期 2019
上傳時間 5-Sep-2019 15:40:47 (UTC+8)
摘要 本研究以2013年至2017年在KOSPI上市的一般產業公司為研究樣本，首先探討公司治理良窳對公司績效的影響，並在控制公司治理表現及其他變數下，進一步探討家族企業及非家族企業在經營績效(以資產報酬率及權益報酬率衡量)上的差異。研究結果顯示，公司治理較佳的公司其經營績效較好，且家族企業比非家族企業的經營績效表現佳。此外，本研究亦發現，股權結構、家族成員參與經營與公司經營績效間存在顯著的正向關聯。
This thesis examines the effects of corporate governance and the ownership structure of firms (family vs. non-family firms) on the performance (measured in terms of return on assets and return on equity) of companies listed in KOSPI from 2013 to 2017. In specific, this thesis first investigates whether firms with better corporate governance have higher firm performance. Furthermore, the thesis analyzes whether family firms outperform non-family firms after controlling for the ranking of corporate governance and other variables. The empirical results indicate that companies with better corporate governance have higher operating performance and that family businesses have better operating performance than non-family firms. In addition, research findings also show that the participation of family members in the business and ownership structure have significant and positive impacts on company`s operating performance.
參考文獻 An, H., Choi, K. and Song, J. 2002. Ownership Structure and the Informativeness of Accounting Earnings. Korean Accounting Review 27(4): 1-3
Anderson, R.C. and Reeb D. M. 2003. Founding-Family Ownership and Firm performance : Evidence from the S&P 500. Journal of Finance 58(3): 1301-1328.
Anderson, R.C. and Reeb, D. M. 2004. Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly 49(2): 209-237.
Andres, Chrisan. 2008. Large shareholders and firm performance - an empirical examination of founding-family ownership. Journal of Corporate Finance 14(4): 431-455.
Ang, J.S., Cole, R. A. and Lin, J. W. 2000. Agency cost and ownership structure. Journal of Finance 55(1): 81-106.
Ban, H. 2007. Leverage and Performance of the Korean Founding Family Controlled Companies. Journal of Business Research 22(2): 39-60.
Ban, H. and Kim, S. 2006. Korean Founding Family Controlled Companies and its Performance. International business review 10(3): 1-23.
Barth, E. and Gulbrandsen, T. and Schone, P. 2005. Family ownership and productivity: The role of owner-management. Journal of Corporate Finance 11(1): 107-127.
Berle, A. A. and Means, G. C. 1932. The Modern Corporation and Private Property. The MacMillan Company, New York.
Borokhovich, K., Parrino, R. and Trapani T. 1996. Outside Directors and CEO Selection. Journal of Financial and Quantitative Analysis 31(3): 337-355.
Burkart, M., Gromb, D. and Panunzi, F. 1997. Large shareholders, monitoring, and the value of the firm. Quarterly Journal of Economics 112(3): 693-728.
Cheng, S. 2008. Board Size and the Variability of Corporate Performance. Journal of Financial Economics 87(1): 157-176.
Cho, D. and Byun, M. 2008. Ownership Structure and Corporate Governance for Firm Profitability -Evidence from Korea after the IMF Economic Crises-. Working Paper. Korea Economic Research Institute.
Cho, S. and Chung, J. 2001. The Effect of R & D Expenditures on Subsequent Earnings. Korean Management Review 30(1): 289-313.
Choi, J. and Yang, H. 2008. An Examination on the Relationship between Corporate Governance, Audit Fees, and Audit Hours. Korea Accounting Information Association 26(1): 59-77.
Choi, U. and Lee, W. 2005. Is Family Ownership a Determinant of Firm Performance?. Asian Review of Financial Research 18(1): 121-155.
Chtourou, S., Marrakchi, B. J. and Courteau, L. 2001. Corporate Governance and Earning Management. Working Paper.
Core, J. E., Guay, W. R. and Rusticus, T. O. 2006. Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors’ Expectations. Journal of Finance 61(2): 665-687.
Demsetz, H. 1983. The structure of ownership and the theory of the firm. Journal of Law and Economics 26(2): 375-390.
Demsetz, H. and Lehn, K. 1985. The Structure of Corporate Ownership : Cases and Consequences. Journal of Political Economics 93(6): 1155-1177.
Drobetz, W., Andreas, S. and Heinz, Z. 2004. Corporate Governance and Expected Stock Returns : Evidence from Germany. Working Paper, ECGI.
Eisenberg, T., Sundgren, S. and Wells, M. T. 1998. Larger board size and decreasing firm value in small firms. Journal of Financial Economics 48(1): 35-54.
Fama, E. and Jensen, M. 1983. Separation of ownership and control. Journal of Law and Economics 26(2): 301-326.
Gompers, P. A., Ishii, J. L. and Metrick, A. 2003. Corporate Governance and Equity Prices. Quarterly Journal of Economics 118(1):107-155.
Herman, E. 1981. Corporate Control, Corporate Power. Cambridge University Press, Cambridge, London: 58-59
Hirschey, M. 1982. Intangible Capital Aspects of Advertising and R&D Expenditures. Journal of Industrial Economics 30(4): 375-389.
Ibrahim, A. and Elles, W. 1994. Family Business Management: Concepts and Practice. Kendall/Hunt Publishing Company.
Jensen, M. G. and Meckling, W. 1976. Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3(4): 305-360.
Jensen, M.C. 1986. The Agency Costs of Free Cash Flow. American Economic Review-Papers and Proceedings 76(2): 323-329.
Jeon, Y. 2003. The Association Between Foreign and Domestic Institutional Ownership and Earnings Quality. Korean Management Review 32(4): 1001-1032.
Joh, S. 2003. Corporate Governance and Firm Profitability: Evidence from Korea before the Economic Crisis. Journal of Financial Economics 68(2): 287-322.
Jun, J. 2007. A Study on the Relation between Corporate Governance and Firm Performance. Tax Accounting Research 21(0): 1-19.
KCGC. 2016. The Code of Best Practices for Corporate Governance.
Kim, B. and Kim, D. 2007. The Relation of Corporate Governance and Corporate Value: Korean Evidence from Panel Data. The Korean Journal of Financial Engineering 6(2): 223-247.
Kim, D. and Jeon, H. 2007. Articles: Does Outside Directors" Characteristics Matter for IPO Performances?: The Case of NASDAQ and NYSE firms. The International Association of Area Studies(IAAS) 11(2): 113-134.
Kim, D., Kim, D. and Kim, B. 2011. Ownership-control Disparity and Corporate Value in Korea: The Consequences of Owner-managed and Agent-Led Firm. The Korean Journal of Financial Engineering 10(1): 67-97.
Kim, J. 1992. A study on the relationship between ownership structure and firm value. Asian Review of Financial Research 5(1): 129-154.
Kim, M. and Baek, J. 2005. Effects of Outside Directors Turnover on Firm Value. Korean Journal of Financial Studies 34(2):209-246
Kim, Y. and Park, J. 2011. An Examination on the Relationship between Corporate Governance, Audit Quality, and Firm`s performance. Korea International Accounting Association 37 (June): 95-120.
Klapper, L. F. and Love, I. 2004. Corporate Governance Investor Protection and Performance in Emerging Markets. Journal of Corporate Finance 10. 203-228.
La Porta, R. and Lopez-de-Silanes, F. and Shleifer, A. 1999. Corporate ownership around the world. Journal of Finance 54(2): 471-517.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishiny, R. 1999. Corporate ownership around the world. Journal of Finance 54(2): 471-517.
Lee, H. 2015. The Effect of Corporate Governance Improvement on the Financial Performance and Firm Value. Korean Journal of Accounting Research 20(4) (August): 111-134.
Lee, H. and Son, Y. 2009. The Effect of Corporate Governance on Financial Performance and Firm Value. Korean Journal of Accounting Research 14(2): 317-339.
Lee, J. 2018. A Study on Corporate Governance Models and Board of Directors of Listed Companies. Sogang Journal of Law and Business 8(2) (August): 153-180.
Lee, J. and Koh, Y. 2009. The Effects of Family Firms on Performance. Korea Accounting Information Association 27(1): 59-90.
Linck, J. S., Netter, J. M., and Yang, T. 2008. The Determinants of Board Structure. Journal of Financial Economics 87(2): 308-328.
Maury, B. 2006. Family ownership and firm performance: Empirical evidence from Western European corporations. Journal of Corporate Finance 12(2): 321-341.
McConaughy, D.L., Walker, M.C., Henderson, Jr., G.V., Mishra, C.S. 1987. Founding family controlled firms; efficiency and value. Review of financial economics 7(1): 1-19.
McKnight, P. J. and Weir, C. 2009. Agency costs, Corporate governance mechanisms and ownership structure in large UK publicly quoted companies: A panel data analysis. The Quarterly Review of Economics and Finance 49(2): 139-158.
Miller, D., Le Breton-Miller, I., Lester, R.H., and Annella, A.A. 2007. Are family firm really superior performers. Journal of Corporate Finance 13(5): 829-858.
Mitton, T. 2002. A cross-firm Analysis of the impact of Corporate Governance on the East Asian Financial Crisis. Journal of Financial Economics 64(2): 215-241.
Morck, R., Shleifer, A. and Vishny, R. 1988. Management Ownership and Market Valuation An Empirical Analysis. Journal of Financial Economics 20: 293-315.
Morck, R., Shleifer, A., and Vishny, R. 1988. Management Ownership and Market Valuation: An Empirical Analysis. Journal of Financial Economics 20(2): 293-315.
Nam, Y. 2016. A moderating effect of Family CEO on the Influence of Outside Director System. The Journal of the Korea Contents Association 16(3): 439-446.
Nam, Y. 2017. Antecedent Variables of CEO Succession from Professional CEO to Family CEO - Focusing on the Role of Outside Director and Family Member in BOD. Korean Academy of Human Resource Management 24(4): 73-82.
Nam, Y. and Moon, S. 2007. Performance of Family-Owned Business Versus  NonFamily-Owned Business : Focused on Listing Companies. Korea Journal of Business Administration 20(1): 237-264.
OECD. 2017. OECD Corporate Governance Factbook.
Oh, H. and Choe, K. 2011. The Effects of Corporate Governance on Operating Performance and Firm Value: Empirical Analysis of Governance Ratings of Corporate Governance Service(CGS). Korean corporation management review 18(2): 41-65.
Park, H. 2014. The Relationship between Corporate Value and Ownership Structure in Korea Construction Industry. Master’s Thesis, The Graduate School of Kangnam University.
Park, J. and Kim, W. 2006. The Relation between Board Composition and Firm Value. Accounting Information Review 24(1): 91-123.
Park, S. and Lee, H. 2011. The Effects of Family Firms on Business Performance -Evidence from Panel Data-. Productivity Review 25(3): 263-282.
Park, S., Sin, H., Park, K. 2010. The Effects of Governance Characteristics of Family Firms on Firm Value and Performance: Evidence from Korea. Journal of Business Research 25(2): 163-195.
Raheja, C. 2005. Determinants of Board Size and Composition: A Theory of Corporate Boards. Journal of Financial and Quantitative Analysis 40(2): 283-306.
Sohn, P. 2010. A Study of Relationship between Corporate Governance and Firm Value -Using Corporate Governance Index-. Journal of Industrial Economics and Business 23(3): 1443-1465.
Song, J. 2016. The Effect of Family Ownership and Management on Company Performance: Focused on Listing Companies. Journal of CEO and Management Studies 19(3) (October): 161-182.
Stein, J. 1989. Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate behavior. Quarterly Journal of Economics 104(4): 655-669.
Villalonga, B. and Amit, R.  2006. How do family ownership, control, and management affect firm value?. Journal of Financial Economics 80(2): 385-417.
Weisbach, M. 1988. Outside Directors and CEO Turnover. Journal of Financial Economics 20: 421-160.
Westhead, P. and Cowling, M. 1998. Family firm research: The need for a methodological rethink. Entrepreneurship Theory and Practice 23(1) (Fall): 31-56.
Woo, T. 2018. A Study on the Effect of Corporate Governance and Efforts to Improve Corporate Governance on the Firm`s Performances -Focus on Moderating Effect of Family Ownership and Management-. Doctor’s Thesis, Semyung University Graduate School.
Yermack, D. 1996. Higher Market Valuation of Companies with a Small Board of Directors. Journal of Financial Economics 40(2): 185-211.
Yermack, D. 2004. Remuneration, Retention, and Reputation Incentives for Outside Directors. Journal of Finance 29(5): 2281-2308.
Yoon, B. and Oh, J. 2005. Korean Case Studies on Corporate Governance & Firm"s Performance, Value and Market Returns. Korean Journal of Financial Studies 34(1): 227-263
描述 碩士
國立政治大學
會計學系
104353043
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1043530431
資料類型 thesis
dc.contributor.advisor 林宛瑩zh_TW
dc.contributor.advisor Lin, Wan-Yingen_US
dc.contributor.author (Authors) 邊多美zh_TW
dc.contributor.author (Authors) Byun, Da-Mien_US
dc.creator (作者) 邊多美zh_TW
dc.creator (作者) Byun, Da-Mien_US
dc.date (日期) 2019en_US
dc.date.accessioned 5-Sep-2019 15:40:47 (UTC+8)-
dc.date.available 5-Sep-2019 15:40:47 (UTC+8)-
dc.date.issued (上傳時間) 5-Sep-2019 15:40:47 (UTC+8)-
dc.identifier (Other Identifiers) G1043530431en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/125510-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 104353043zh_TW
dc.description.abstract (摘要) 本研究以2013年至2017年在KOSPI上市的一般產業公司為研究樣本，首先探討公司治理良窳對公司績效的影響，並在控制公司治理表現及其他變數下，進一步探討家族企業及非家族企業在經營績效(以資產報酬率及權益報酬率衡量)上的差異。研究結果顯示，公司治理較佳的公司其經營績效較好，且家族企業比非家族企業的經營績效表現佳。此外，本研究亦發現，股權結構、家族成員參與經營與公司經營績效間存在顯著的正向關聯。zh_TW
dc.description.abstract (摘要) This thesis examines the effects of corporate governance and the ownership structure of firms (family vs. non-family firms) on the performance (measured in terms of return on assets and return on equity) of companies listed in KOSPI from 2013 to 2017. In specific, this thesis first investigates whether firms with better corporate governance have higher firm performance. Furthermore, the thesis analyzes whether family firms outperform non-family firms after controlling for the ranking of corporate governance and other variables. The empirical results indicate that companies with better corporate governance have higher operating performance and that family businesses have better operating performance than non-family firms. In addition, research findings also show that the participation of family members in the business and ownership structure have significant and positive impacts on company`s operating performance.en_US
dc.description.tableofcontents CHAPTER 1. INTRODUCTION _ 1
1.1. RESEARCH BACKGROUND _ 1
1.2. RESEARCH OBJECTIVE _ 4
1.3. STRUCTURE OF THE THESIS _ 5
CHAPTER 2. BACKGROUND FOR KOREA CORPORATE GOVERNANCE SYSTEM AND LITERATURE REVIEW _ 6
2.1. BACKGROUND FOR KOREA CORPORATE GOVERNANCE SYSTEM _ 6
2.2. LITERATURE REVIEW _ 11
CHAPTER 3. RESEARCH METHOD _ 18
3.1. RESEARCH HYPOTHESIS _ 18
3.2. RESEARCH MODEL AND VARIABLES _ 20
3.3. RESEARCH SAMPLE AND RESEARCH PERIOD _ 27
CHAPTER 4. RESEARCH RESULTS _ 29
4.1. DESCRIPTIVE STATISTICS AND CORRELATION ANALYSIS _ 29
4.2. EMPIRICAL FINDINGS _ 35
CHAPTER 5. CONCLUSION AND LIMITATION OF THE STUDY _ 45
5.1. RESEARCH CONCLUSION _ 45
5.2. RESEARCH LIMITATION _ 46
REFERENCES _ 47		zh_TW
dc.format.extent 1156631 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1043530431en_US
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) 經營績效zh_TW
dc.subject (關鍵詞) 家族企業zh_TW
dc.subject (關鍵詞) 股權結構zh_TW
dc.subject (關鍵詞) Corporate Governanceen_US
dc.subject (關鍵詞) Firm Performanceen_US
dc.subject (關鍵詞) Family Firmen_US
dc.subject (關鍵詞) Ownership Structureen_US
dc.title (題名) 公司治理對家族與非家族企業經營績效之影響 ：以KOSPI上市公司為樣本zh_TW
dc.title (題名) The Effect of Corporate Governance and Family Firm on Performance of Firms Listed on Korean Stock Market (KOSPI)en_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) An, H., Choi, K. and Song, J. 2002. Ownership Structure and the Informativeness of Accounting Earnings. Korean Accounting Review 27(4): 1-3
Anderson, R.C. and Reeb D. M. 2003. Founding-Family Ownership and Firm performance : Evidence from the S&P 500. Journal of Finance 58(3): 1301-1328.
Anderson, R.C. and Reeb, D. M. 2004. Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly 49(2): 209-237.
Andres, Chrisan. 2008. Large shareholders and firm performance - an empirical examination of founding-family ownership. Journal of Corporate Finance 14(4): 431-455.
Ang, J.S., Cole, R. A. and Lin, J. W. 2000. Agency cost and ownership structure. Journal of Finance 55(1): 81-106.
Ban, H. 2007. Leverage and Performance of the Korean Founding Family Controlled Companies. Journal of Business Research 22(2): 39-60.
Ban, H. and Kim, S. 2006. Korean Founding Family Controlled Companies and its Performance. International business review 10(3): 1-23.
Barth, E. and Gulbrandsen, T. and Schone, P. 2005. Family ownership and productivity: The role of owner-management. Journal of Corporate Finance 11(1): 107-127.
Berle, A. A. and Means, G. C. 1932. The Modern Corporation and Private Property. The MacMillan Company, New York.
Borokhovich, K., Parrino, R. and Trapani T. 1996. Outside Directors and CEO Selection. Journal of Financial and Quantitative Analysis 31(3): 337-355.
Burkart, M., Gromb, D. and Panunzi, F. 1997. Large shareholders, monitoring, and the value of the firm. Quarterly Journal of Economics 112(3): 693-728.
Cheng, S. 2008. Board Size and the Variability of Corporate Performance. Journal of Financial Economics 87(1): 157-176.
Cho, D. and Byun, M. 2008. Ownership Structure and Corporate Governance for Firm Profitability -Evidence from Korea after the IMF Economic Crises-. Working Paper. Korea Economic Research Institute.
Cho, S. and Chung, J. 2001. The Effect of R & D Expenditures on Subsequent Earnings. Korean Management Review 30(1): 289-313.
Choi, J. and Yang, H. 2008. An Examination on the Relationship between Corporate Governance, Audit Fees, and Audit Hours. Korea Accounting Information Association 26(1): 59-77.
Choi, U. and Lee, W. 2005. Is Family Ownership a Determinant of Firm Performance?. Asian Review of Financial Research 18(1): 121-155.
Chtourou, S., Marrakchi, B. J. and Courteau, L. 2001. Corporate Governance and Earning Management. Working Paper.
Core, J. E., Guay, W. R. and Rusticus, T. O. 2006. Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors’ Expectations. Journal of Finance 61(2): 665-687.
Demsetz, H. 1983. The structure of ownership and the theory of the firm. Journal of Law and Economics 26(2): 375-390.
Demsetz, H. and Lehn, K. 1985. The Structure of Corporate Ownership : Cases and Consequences. Journal of Political Economics 93(6): 1155-1177.
Drobetz, W., Andreas, S. and Heinz, Z. 2004. Corporate Governance and Expected Stock Returns : Evidence from Germany. Working Paper, ECGI.
Eisenberg, T., Sundgren, S. and Wells, M. T. 1998. Larger board size and decreasing firm value in small firms. Journal of Financial Economics 48(1): 35-54.
Fama, E. and Jensen, M. 1983. Separation of ownership and control. Journal of Law and Economics 26(2): 301-326.
Gompers, P. A., Ishii, J. L. and Metrick, A. 2003. Corporate Governance and Equity Prices. Quarterly Journal of Economics 118(1):107-155.
Herman, E. 1981. Corporate Control, Corporate Power. Cambridge University Press, Cambridge, London: 58-59
Hirschey, M. 1982. Intangible Capital Aspects of Advertising and R&D Expenditures. Journal of Industrial Economics 30(4): 375-389.
Ibrahim, A. and Elles, W. 1994. Family Business Management: Concepts and Practice. Kendall/Hunt Publishing Company.
Jensen, M. G. and Meckling, W. 1976. Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3(4): 305-360.
Jensen, M.C. 1986. The Agency Costs of Free Cash Flow. American Economic Review-Papers and Proceedings 76(2): 323-329.
Jeon, Y. 2003. The Association Between Foreign and Domestic Institutional Ownership and Earnings Quality. Korean Management Review 32(4): 1001-1032.
Joh, S. 2003. Corporate Governance and Firm Profitability: Evidence from Korea before the Economic Crisis. Journal of Financial Economics 68(2): 287-322.
Jun, J. 2007. A Study on the Relation between Corporate Governance and Firm Performance. Tax Accounting Research 21(0): 1-19.
KCGC. 2016. The Code of Best Practices for Corporate Governance.
Kim, B. and Kim, D. 2007. The Relation of Corporate Governance and Corporate Value: Korean Evidence from Panel Data. The Korean Journal of Financial Engineering 6(2): 223-247.
Kim, D. and Jeon, H. 2007. Articles: Does Outside Directors" Characteristics Matter for IPO Performances?: The Case of NASDAQ and NYSE firms. The International Association of Area Studies(IAAS) 11(2): 113-134.
Kim, D., Kim, D. and Kim, B. 2011. Ownership-control Disparity and Corporate Value in Korea: The Consequences of Owner-managed and Agent-Led Firm. The Korean Journal of Financial Engineering 10(1): 67-97.
Kim, J. 1992. A study on the relationship between ownership structure and firm value. Asian Review of Financial Research 5(1): 129-154.
Kim, M. and Baek, J. 2005. Effects of Outside Directors Turnover on Firm Value. Korean Journal of Financial Studies 34(2):209-246
Kim, Y. and Park, J. 2011. An Examination on the Relationship between Corporate Governance, Audit Quality, and Firm`s performance. Korea International Accounting Association 37 (June): 95-120.
Klapper, L. F. and Love, I. 2004. Corporate Governance Investor Protection and Performance in Emerging Markets. Journal of Corporate Finance 10. 203-228.
La Porta, R. and Lopez-de-Silanes, F. and Shleifer, A. 1999. Corporate ownership around the world. Journal of Finance 54(2): 471-517.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishiny, R. 1999. Corporate ownership around the world. Journal of Finance 54(2): 471-517.
Lee, H. 2015. The Effect of Corporate Governance Improvement on the Financial Performance and Firm Value. Korean Journal of Accounting Research 20(4) (August): 111-134.
Lee, H. and Son, Y. 2009. The Effect of Corporate Governance on Financial Performance and Firm Value. Korean Journal of Accounting Research 14(2): 317-339.
Lee, J. 2018. A Study on Corporate Governance Models and Board of Directors of Listed Companies. Sogang Journal of Law and Business 8(2) (August): 153-180.
Lee, J. and Koh, Y. 2009. The Effects of Family Firms on Performance. Korea Accounting Information Association 27(1): 59-90.
Linck, J. S., Netter, J. M., and Yang, T. 2008. The Determinants of Board Structure. Journal of Financial Economics 87(2): 308-328.
Maury, B. 2006. Family ownership and firm performance: Empirical evidence from Western European corporations. Journal of Corporate Finance 12(2): 321-341.
McConaughy, D.L., Walker, M.C., Henderson, Jr., G.V., Mishra, C.S. 1987. Founding family controlled firms; efficiency and value. Review of financial economics 7(1): 1-19.
McKnight, P. J. and Weir, C. 2009. Agency costs, Corporate governance mechanisms and ownership structure in large UK publicly quoted companies: A panel data analysis. The Quarterly Review of Economics and Finance 49(2): 139-158.
Miller, D., Le Breton-Miller, I., Lester, R.H., and Annella, A.A. 2007. Are family firm really superior performers. Journal of Corporate Finance 13(5): 829-858.
Mitton, T. 2002. A cross-firm Analysis of the impact of Corporate Governance on the East Asian Financial Crisis. Journal of Financial Economics 64(2): 215-241.
Morck, R., Shleifer, A. and Vishny, R. 1988. Management Ownership and Market Valuation An Empirical Analysis. Journal of Financial Economics 20: 293-315.
Morck, R., Shleifer, A., and Vishny, R. 1988. Management Ownership and Market Valuation: An Empirical Analysis. Journal of Financial Economics 20(2): 293-315.
Nam, Y. 2016. A moderating effect of Family CEO on the Influence of Outside Director System. The Journal of the Korea Contents Association 16(3): 439-446.
Nam, Y. 2017. Antecedent Variables of CEO Succession from Professional CEO to Family CEO - Focusing on the Role of Outside Director and Family Member in BOD. Korean Academy of Human Resource Management 24(4): 73-82.
Nam, Y. and Moon, S. 2007. Performance of Family-Owned Business Versus  NonFamily-Owned Business : Focused on Listing Companies. Korea Journal of Business Administration 20(1): 237-264.
OECD. 2017. OECD Corporate Governance Factbook.
Oh, H. and Choe, K. 2011. The Effects of Corporate Governance on Operating Performance and Firm Value: Empirical Analysis of Governance Ratings of Corporate Governance Service(CGS). Korean corporation management review 18(2): 41-65.
Park, H. 2014. The Relationship between Corporate Value and Ownership Structure in Korea Construction Industry. Master’s Thesis, The Graduate School of Kangnam University.
Park, J. and Kim, W. 2006. The Relation between Board Composition and Firm Value. Accounting Information Review 24(1): 91-123.
Park, S. and Lee, H. 2011. The Effects of Family Firms on Business Performance -Evidence from Panel Data-. Productivity Review 25(3): 263-282.
Park, S., Sin, H., Park, K. 2010. The Effects of Governance Characteristics of Family Firms on Firm Value and Performance: Evidence from Korea. Journal of Business Research 25(2): 163-195.
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dc.identifier.doi (DOI) 10.6814/NCCU201900868en_US