A moderating effect of Family CEO on the Influence of Outside Director System

사외이사제도의 효과에 미치는 가족경영자의 조절효과

  • Received : 2015.09.09
  • Accepted : 2015.10.22
  • Published : 2016.03.28


This research examines the effect of outside director system which has been legislated after financial crisis in Korea. Outside director system is based on agency theory which assumes that a manager is selfish and opportunistic in situation where ownership and management of a firm is separated. In this situation, outside director system has an important function to monitor and keep in check a manager. Thus, we examined that outside director system works as a monitoring mechanism in Korea. And we tested that above effect is weakened in family CEO firms where it is different from assumption of agency theory in Korea. According to empirical result with 282 sample firm, it is confirmed that outside director system reduces agency cost. In family CEO firms, however, this agency cost-reducing effect becomes weak. This result suggests that outside director system needs be cautiously managed without focusing on only monitoring function.


Outside Director System;Agency Theory;Korean Firm;Family CEO


Supported by : 동아대학교


  1. E. Abrahamson and C. Park, "Concealment of negative organizational outcomes: An agency theory perspective," Academy of Management Journal, Vol.37, No.5, pp.1302-1334, 1994.
  2. E. Fama and M. Jensen, "Separation of Ownership and Control," Journal of Law and Economics, Vol.26, No.2, pp.301-326, 1983.
  3. K. Eisenhardt, "Agency Theory: An Assessment and Review," Academy of Management Review, Vol.14, No.1, pp.57-74, 1989.
  4. M. Jensen and W. Meckling, "Theory of the firm: Managerial Behavior, Agency Costs and Ownership Structure," Journal of Financial Economics, Vol.3, No.4, pp.305-360, 1976.
  5. C. Hill and S. Snell, "External Control, Corporate Strategy, and Firm Performance in Research‐Intensive Industries," Strategic Management Journal, Vol.9, No.6, pp.577-590, 1988.
  6. 남윤성, "한국기업에서의 통제메커니즘에 대한 연구: 사외이사제도와 상위직급자를 중심으로," 전문경영인연구, 제16권, 제3호, pp.23-38, 2013.
  7. 이경묵, 오종향, "사외 이사의 초과 선임에 관한 제도론적 고찰," 경영학연구, 제31권, pp.1229-1254, 2002.
  8. 서정일, 이경환, 남윤성, "신규 사외이사 임명에 대한 연구: 사외이사제도 도입에 대한 최고경영자의 decoupling 행위를 중심으로," 조직과인사관리연구, 제35권, 제2호, pp.103-129, 2011.
  9. 김주태, "외환위기 이후 한국기업의 지배구조와 주주지향적인 경영," 경영연구, 제28권, 제1호, pp.141-163, 2013.
  10. 최우석, 이우백, "오너경영과 기업성과에 관한 실증연구," 재무연구, 제18권, pp.121-155, 2005.
  11. R. La Porta, F. Lopez-De-Silanes, A. Shleifer, and R. Vishiny, "Corporate Ownership Around The World," Journal Of Finance, Vol.65, pp.471-517, 1999.
  12. M. Allen and S. Panian, "Power, Performance and Succession in the Large Corporation," Administrative Science Quarterly, Vol.27, pp.538-547, 1982.
  13. S. Claessens, S. Djankov, and L. Lang, "The Separation of Ownership and Control in East Asian Corporations," Journal of Financial Economics, Vol.58, pp.81-112, 2000.
  14. B. Villalonga and R. Amit, "How Do Family Ownership, Management and Control Affect Firm Value?," Journal of Financial Economics, Vol.80, pp.385-417, 2006.
  15. E. Barth, T. Gulbrandsen, and P. Schone, "Family Ownership and Productivity: The Role of Owner-Management," Journal of Corporate Finance, Vol.11, No.1/2, pp.107-127, 2005.
  16. 홍한국, 우보현, 이봉구, "CEO의 리더십 유형에 따른 기업의 위기관리 차이에 관한 연구," 한국콘텐츠학회논문지, 제13권, 제9호, pp.382-391, 2013.
  17. 정재진, "CEO특성, 경영통제가 재무성과에 미치는 영향," 한국콘텐츠학회논문지, 제14권, 제5호, pp.364-372, 2014.
  18. L. Gomez-Mejia, M. Larraza-Kintana, and M. Makri, "The Determinants of Executive Compensation in Family-Controlled Public Corporations," Academy of Management Journal, Vol.46, pp.226-237, 2003.
  19. M. Kets de Vries, "The Dynamics of Family Controlled Firms: The Good and Bad News," Organizational Dynamics, Vol.54, pp.59-71, 1993.
  20. H. James, "Owner as Manager, Extended Horizons and the Family Firm," International Journal of the Economics of Business, Vol.6, pp.41-56, 1999.
  21. J. Davis, F. Schoorman, and L. Donaldson, "Toward a Stewardship Theory of Management," Academy of Management Review, Vol.22, No.1, pp.20-47, 1997.
  22. R. Anderson and D. Reeb, "Founding Family Ownership and Firm Performance: Evidence from the S&P 500," Journal of Finance, Vol.58, pp.1301-1328, 2003.
  23. R. Anderson and D. Reeb, "Board Composition: Balancing Family Influence in S&P 500 Firms," Administrative Science Quarterly, Vol.49, pp.209-237, 2004.
  24. 박헌준, 신현한, 최완수, "한국기업의 대리인비용과 기업가치: 외국인 지분의 역할," 경영학연구, 제33권, 제2호, pp.655-682, 2004.
  25. A. Hillman and T. Dalziel, "Boards of Directors and Firm Performance: Integrating Agency and Resource Dependence Perspectives," Academy of Management review, Vol.28, No.3, pp.383-396, 2003.