관료 출신 사외이사는 기업에 기여하는가? 금융회사 사외이사를 중심으로

초록

This study examines the effects of former bureaucrats as outside board of directors on firm performance and value for financial firms in the Korean market. The empirical findings show that the firms’ ROE, ROA, and Tobin’s Q are not necessarily worse when outside directors who formerly worked for government and public financial institutions serve for the firms. These findings are not altered in the firms with high levels of R&D expenses, information asymmetry, and the largest shareholder and affiliated investors, for which effective monitoring by outside directors on management is more important. Considering that compensation for outside directors in financial firms is relatively larger than the one in non-financial firms, our findings cast a doubt on the role of former bureaucrat directors in corporate board.

키워드