기업지배구조지수와 기업가치에 관한 실증적 연구

Abstract

These days, as more attention has been paid to improvement of corporate governance, it is necessary for our country to pour more efforts into it. Therefore, this study obtained PBR and Tobin-Q, indexes of firm values and analyzed the relationship between corporate governance index and firm value using CGI of each firm. However, previous studies presented the relationship between Tobin-Q and CGI. Therefore, this study was to identify why such results were obtained and analyze the relations more specifically using panels, PBR and signaling effect, aiming to use the results as investment indexes. For the study, we analyzed: 1) the relations between corporate governance indexes and firm value as in previous studies; 2) differences according to total asset size; 3) differences according to ROA; and 4) signaling effect with announcement day of corporate governance indexes. The samples of corporate governance indexes used were from data obtained from 2004 to 2008, but as they were the results of interviews from 2003 to 2008, corporate financial data were obtained from 2003 to 2008, which was the same period as analysis of corporate governance behaviors. Thus, this study identified the relations between corporate governance and firm value and the results are presented as follows; First, we verified the hypothesis that firms with good corporate governance have good firm value. As there was a statistically significant relation between PBR and Tobin-Q, the above hypothesis was supported. Second, in an analysis using total asset as panels, in respect to CGI, there was significant positive relation between PBR and Tobin-Q of large firms. Third, as a result of analyzing differences according to ROA, there was significant positive relation between PBR and Tobin-Q of large ROA. Finally, this study analyzed the relations between CAR and corporate governance. As a result of regression of CAR, there wasn’t significant relation. It indicates that announcement of CGI doesn’t have signaling effect. The result of the study are summarized: in analyzing corporate governance indexes with PBR and Tobin-Q, it was verified that large firms(total asset, ROA) have good CGI, also announcement of CGI doesn’t have signaling effect.