사외이사의 실질적 전문성이 금융회사에 미치는 영향: 교수출신 사외이사를 중심으로

초록

We examine the impact of professors as outside board of directors on corporate performance for financial institutions in the Korean market. Using research productivity (in law and business) within 10 years and major (in law and business) as proxies for academic expertise, we measure the impact of these academic outside-directors on firms’ ROA, ROE, and Tobin’s Q. Specifically, we find that research productivity has positive and statistically significant influence on corporate performance, while major is negatively related. This positive association is stronger in firms with high level of stock price volatility and in the presence of large controlling shareholders. Therefore, we propose that academic expertise, as represented by research productivity within a decade, indicates the important stewardship role of academic outside-directors who can offer value-enhancing advises to the firms.

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