대규모기업집단의 형태와 사외이사 규모 및 재무적 요인에 따른 동일인승계가 일감몰아주기에 미치는 영향

초록

In this study, we verify the difference in the effect of corporate group succession on the intra-group transaction according to the structure of large business group, the size of outside directors, and financial factors. As large business groups in Korea are transitioning from second-generation to third-generation management, a social interest in their succession is increasing. In particular, the cost of inheritance tax incurred by succession of a business group is quite high in Korean business environment. Due to the high cost, some groups make intra-group transactions maliciously for tax saving or tax deferral schemes, while some groups paying taxes and succeed to business legally. When the inheritance tax cost is reduced by intra-group transaction on the process of succession, an agency cost arises, which means that the firms’ profits are only attributed to controlling shareholders, not all shareholders to whom it should be. Accordingly, this study specifically analyzes the difference in the effect of corporate group succession on the intra-group transaction according to the various types of business group, outside directors, and financial factors, that is net income, firm size, and leverage. Main findings of the study are as follows: It was shown that the intra-group transaction increased in the previous fiscal year before the change of the heads of conglomerates. Also, it was limited in the firms with a higher proportion of outside directors and relatively increased in corporate groups with holding company structure. As a result, this study suggests that business group which is in circular ownership structure performs more intra-group transaction in the process of succession and controlling shareholders’ pursuing private benefits can be limited by outside directors. On the other hand, intra-group transactions are increased in firms with higher net income, lower debt-to-equity ratios, and large firm size. This implies that the controlling shareholders are taking into account the financial factors of individual firms in carrying out their intra-group transaction.

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