The Influence of Family Member in Board of Directors on Firm Performance : A Moderating Effect of Professional CEO

가족임원이 기업성과에 미치는 효과: 전문경영자의 조절효과

  • Received : 2016.01.18
  • Accepted : 2016.02.22
  • Published : 2016.03.28


This research examines the effect of family member in board of directors. In Korea, the ownership and management of a firm is not thoroughly separated and most of firms are managed by controlling family. These family officers have same intent with family CEOs who identify themselves with the firm and want to hand over it to their descendants. Thus, family officers will influence positively on firm performance. Besides, the moderating effect of professional CEO on the above relation will be also positive. It is because professional CEO will be curbed by family officers in board of directors. Under this condition, the potential self-interest seeking behavior will be minimized and the specialty of professional CEO will be manifested. 2,456 firm-year panel data are gathered in manufacturing listed firms from 2004 to 2010 and the result suggests that hypotheses are supported.


Family Officer;Firm Performance;Professional CEO;Panel Data Analysis


Supported by : 동아대학교


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