자사주매입과 기업지배구조의 관계 연구: 외국인투자자와 성장성을 중심으로

This study examines non-financial firms listed on the Korean stock market between 2001 and 2007 to determine the relationship between stock repurchase and corporate governance. We analyze the impact of foreign block investors and firm growth on the relationship between stock repurchase and corporate governance.
We find that the shareholding ratios of controlling shareholders affect firms' stock repurchase regardless of the firms' growth and that this relationship is significantly negative. However, we find a positive relationship between foreign block investors and firms' stock repurchase in the context of firm growth. Our results show that when a firm has growth potential, controlling shareholders prefer not to distribute cash to shareholders and that foreign block invesotrs moderate the relationship between controlling shareholders and stock repurchase. Further, firm size shows a significant negative relationship with stock repurchase, whereas firm growth shows a significant positive relationship with stock repurchase. However, profitability and debt ratio do not show any significant relationship with stock repurchase. This supports the dividend substitution hypothesis, which states that Korean firms initiate stock repurchase when firm size is small and growth potential is high.