기업지배구조가 주식시장에 미치는 영향: 경기 변동에 따른 차이

초록

In this study, I investigate the empirical relation between corporate governance and equity market response. Equity market responses are measured by stock volatility, turnover, and behavior of institutional investors. The results show that firms with better corporate governance have lower stock volatility, lower turnover, and higher percentage of equity holdings by foreign investors. Independent board, transparent disclosure, and fair profit-sharing significantly reduce stock volatility. The results of stock volatility vary due to the different measures. The results suggest that firms may alleviate information-based trading (lower turnover) by adopting corporate governance standards that mitigate informational asymmetries. In addition, I compare the effects of corporate governance over the recent economic fluctuations. The results show that corporate governance plays more important roles during the crisis (2008) than the expansion period (2009). Foreign investors prefer to hold stocks with better corporate governance regardless of economic fluctuations.

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