Journal of the Korea Academia-Industrial cooperation Society (한국산학기술학회논문지)

The Korea Academia-Industrial cooperation Society (한국산학기술학회)
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Control-Ownership Disparity and R＆D Investment

소유-지배 괴리도와 연구개발투자

  • Choi, Hyang-Mi (College of Business Administration, Seoul National University) ;
  • Cho, Young-Gon (Dept. of International Trade and Business, Sangmyung University)
  • Received : 2011.10.21
  • Accepted : 2011.12.13
  • Published : 2011.12.31
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Abstract

Using longitudinal data of 108 firms in large business conglomerates from 2001 to 2009, this study examines the impact of controlling shareholders' control-ownership disparity on R&D investment. The study finds that control-ownership disparity is negatively related to R&D intensity. This empirical result suggests that controlling shareholders' control rights in excess of ownership rights incent controlling shareholders' expropriation for their private interests, leading to decreased R&D investment which enhances firm value in the long term.

본 연구는 지배주주의 소유-지배 괴리도가 연구개발투자에 미치는 영향을 규명하기 위해 2001년부터 2009년까지 대규모 기업집단 소속 108개 제조업 기업의 9개년 자료를 이용하여 패널분석을 실시하였다. 실증분석 결과, 소유-지배 괴리도와 연구개발투자 간에 부(-)의 유의적인 관계가 존재하였다. 본 결과는 지배주주가 소유지분을 초과하여 지배권을 가질수록 지배주주의 사적 이익을 위해 기업 자산을 유용할 유인이 증가하므로, 장기적인 기업가치 제고를 위한 연구개발투자를 줄이고 있음을 시사한다.

Keywords

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