기업지배구조가 재무적 경영성과와 기업가치에 미치는 영향-한국기업지배구조원(CGS) 지배구조등급의 분석을 통한 실증검증-

초록

Prior studies which assess the effects of corporate governance ratings of Corporate Governance Service(KGS) on operating performance and firm value provide inconsistent findings. These inconsistent results mainly stem from sample selection ambiguity embedded in public disclosures of KGS corporate governance ratings. Since its inception until 2006, KGS has released only some of the governance ratings for firms which received relatively higher ranks. Thus to provide unambiguous findings about the effects of corporate governance ratings of KGS on the operating performance and firm value, we analyzed all of KRX listed non-financial companies of years 2007 through 2009, We conducted multivariate analysis to examine the effects of corporate governance on operating performance, Analyses show that profitability indices such as return on assets and operating profit to sales ratio are significantly positively associated with corporate governance ratings. Further, to assess the effects of corporate governance ratings on firm value, we found that cumulative abnormal returns of high-ranked governance firms at the release dates are significantly higher than those of low-ranked governance firms. These results together provide evidence that not only individual governance components but synthetic governance ratings provided by KGS are significant positive factors for assessing operating performance and firm value. Investors may utilize these findings to gain abnormal profits because analyzing governance ratings,they can distinguish which companies will exhibit high(low) performance. Creditors can also benefit from the findings because utilizing governance ratings, they can assess which companies may produce more profit which in turn enhance the stability of financial structure. Finally, findings provide the decisive evidence of usefulness of KGS corporate governance ratings in assessing firm’s operation performance and firm value, which interested parties can actually obtain from public disclosures.

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