대규모 기업집단의 소유지배괴리도와 기업경영의 효율성

This research examined the effects of control-ownership disparity on the firm efficiency, using data for listed firms affiliated with a large business group(so called as “Chaebul”) over the period of 2007∼2009. We used the sales divided by total assets(the ratio of sales to total assets) representing the efficiency of total assets as the proxy for firm efficiency. 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 more firm efficient is(larger the ratio of sales to total assets is). Compared between listed and unlisted firms, the management efficiency(the ratio of sales to total assets), the positive relationship between control-ownership disparity and firm efficiency is more significant for the unlisted firms. In addition, it is more significantly shown in the range from more than 25% of control-ownership disparity to the 50% of control-ownership disparity.