기업 소유·지배괴리도가 대리인 비용에 미치는 영향: 기업 자기자본비율을 중심으로

This paper shows how the corporate governance structure affects the ratio of owner’s equity representing the agecy costs, using control-ownership disparity of the firms affiliated with a large business group over the period of 2007-2009. Control-ownership disparity means the difference between the corporate ownership (or cash flow rights) and the corporate control rights. This study was based on the data on the control-ownership structure reported by the Korean Fair Trade Commission. As a result of empirical researches, it is shown that the higher disparity a firm has, the larger agecy costs are(smaller the ratio of owner’s equity is). This is more significant for the firms with higher disparity. In case of the firms with disparity less than 50%, the ratio of owner’s equity does not decrease according to increases in the disparity. Meanwhile, in case of the firms with disparity more than 50%, the ratio of owner’s equity increases according to increases in the disparity. In addition, it is more significantly shown when compared between listed and unlisted firms. That is, the ratio of owner’s equity in unlisted firms decreases according to increased amount of the disparity. Therefore, this provides evidence that there are significantly positive(negative) relations between control-ownership disparity and the agency costs. This tendency is more significantly shown in the unlisted firms with higher disparity.