금융위기 후 경영자유형과 연구개발투자간의 관계에 관한 연구

This paper investigates empirically the impact of Corporate Governance especiall*y relating with the CEO types on a firm’s investment decision making in Korean stock market after the global financial crisis. Using the sample firms in manufacturing firms listed in Korean stock market, we find out that the CEO types, majority shareholers, and foreign investors who had over 5% didn't exert significant impact on R&D investments. But if firms had growth opportunities, the professional CEO decrease the investment than owner CEO. With the higher proportion of majority shareholders, the professional CEO decrease R&D investment. In case of foreign investors, the results didn't show the clear direction. The contribution of this paper is that the type of CEO whether or not concentrating his/hers wealth in their firms is the most critical point and the impacts of majority owners on investment and that of foreign investors are different whether they have information in management or not.