이사회 내 위원회 구조가 무형자산 투자에 미치는 영향

Abstract

국문초록

이사회 내 위원회 구조가 무형자산 투자에 미치는 영향

이사회에 관한 이제까지의 연구에서는 이사회의 역할을 경영자 재량권 통제로 보는 시각이 지배적이었으며 이러한 측면에서 이사회의 독립성이 강조되어 왔다. 그 결과 사내이사의 역할이 배제된 시각에서 이루어진 이사회 구성방식에 관한 연구는 실제 이사회의 역할을 정확히 반영하지 못하였다. 본 연구는 사외이사와 사내이사의 구별되는 특성을 고려한 효율적인 이사회 구성방식을 실증적으로 검정하는 것에 목적이 있다. 본 연구는 2008년부터 2009년 한국거래소에 상장된 555개의 기업-연도 표본을 분석대상으로 했다. 이사회구조가 인적자원투자 및 연구개발투자에 미치는 영향을 검정했으며 이사회의 역할을 효율적으로 수행하기 위해 요구되는 이사회 구성에 대한 시사점을 도출하였다. 실증분석결과를 요약하면 다음과 같다. 첫째, 감사위원회의 사외이사비율이 증가할수록 연구개발투자가 확대되는 것으로 나타났으며 경영관련위원회와 기타운영위원회와의 관련성은 발견되지 않았다. 둘째, 인적자원투자에 있어서는 감사위원회의 관련성은 유의하지 않았으며, 기타운영위원회의 사외이사비율이 증가할수록 혹은 경영관련위원회의 사내이사비율이 증가할수록 인적자원투자가 확대되었다. 셋째, 기타운영위원회는 감사위원회와 경영관련위원회의 효율적 운영에 긍정적인 영향을 줄 수 있다는 간접적인 근거를 발견하였다. 넷째, 이사회에 대한 최고경영자의 영향력이 존재하지 않을 때 각 위원회의 인적자원투자 및 연구개발투자에 미치는 영향은 높아졌다. 이상의 실증결과를 통해 다음과 같은 시사점을 도출하였다. 먼저 이사회의 위원회 구성에 있어서 통제역할 및 이사회 운영관련 위원회는 경영자로부터 독립적인 사외이사 위주로 구성될 필요성이 있다. 반면 전략적 역할을 수행하는 위원회에서는 가치 있는 정보를 지닌 사내이사로 구성될 필요성이 있다. 또한 이사회의 역할의 효과성을 높이기 위해서는 최고경영자의 사외이사 선임과정에서의 영향력을 최소화하기 위한 방안이 마련되어야 할 것이다.|ABSTRACT

The Impact of Board Committee Structure on Investment in Intangible assets

Jung, Kum Hee Dept. of Management Consulting The Graduate School Hanyang University

Until now, most of the recent research has seen the role of board of directors as controlling the discretion given to managers. Thus, the independence of board of directors has been emphasized. With this perspective, the previous research on board composition has failed to reflect actual board roles, controlling and strategic decision making. This study tried to investigate efficient board structure by considering the distinctive features of both outside and inside director. The test conducted on this paper used 555 of firm-year observations from 2008 to 2010 listed on Korea Exchange. The impact of board structure on human resource investment and R&D investment was tested empirically and implications of board structure which could guarantee effective board of directors were also produced. The brief results is as follows. First, the more outsiders there were on audit committee, the higher R&D investment intensity was. However, the percentage of insiders of management-related committee and of outsiders of board operation-related committee had no impact on R&D intensity. Second, management- and board operation-related committee had an positive effect on the extent to which firm invests in human resource but audit committee did not. Third, the positive relationship between each of the committee and investment in human resource is enhanced in case of the absence of CEO influence over nominating outside directors. Forth, the study also found the indirect evidence that board operation-related committee could have a positive influence on an efficient handling of both audit and management-related committees. The results above have the following implications about how to organize well-structured board of directors. The board committees related to the role of controlling and board operation need to mainly consist with independent directors rather than inside directors and board committee related to strategic decision making has to occupied by inside directors with valuable firm-specific information. In addition, in order to maximize the efficiency of board of directors, CEO’s participation in choosing outside board members should be minimized.; ABSTRACT

The Impact of Board Committee Structure on Investment in Intangible assets

Jung, Kum Hee Dept. of Management Consulting The Graduate School Hanyang University

Until now, most of the recent research has seen the role of board of directors as controlling the discretion given to managers. Thus, the independence of board of directors has been emphasized. With this perspective, the previous research on board composition has failed to reflect actual board roles, controlling and strategic decision making. This study tried to investigate efficient board structure by considering the distinctive features of both outside and inside director. The test conducted on this paper used 555 of firm-year observations from 2008 to 2010 listed on Korea Exchange. The impact of board structure on human resource investment and R&D investment was tested empirically and implications of board structure which could guarantee effective board of directors were also produced. The brief results is as follows. First, the more outsiders there were on audit committee, the higher R&D investment intensity was. However, the percentage of insiders of management-related committee and of outsiders of board operation-related committee had no impact on R&D intensity. Second, management- and board operation-related committee had an positive effect on the extent to which firm invests in human resource but audit committee did not. Third, the positive relationship between each of the committee and investment in human resource is enhanced in case of the absence of CEO influence over nominating outside directors. Forth, the study also found the indirect evidence that board operation-related committee could have a positive influence on an efficient handling of both audit and management-related committees. The results above have the following implications about how to organize well-structured board of directors. The board committees related to the role of controlling and board operation need to mainly consist with independent directors rather than inside directors and board committee related to strategic decision making has to occupied by inside directors with valuable firm-specific information. In addition, in order to maximize the efficiency of board of directors, CEO’s participation in choosing outside board members should be minimized.