Earticle

초록

영어

Using a unique, comprehensive data set from a survey on corporate governance practices among Korean listed firms, we find that firms with sound governance practices are associated with both high firm value and high dividend payout ratios. Although high in firm value, firms in major business groups (or chaebol) have lower dividend payouts on average than independent firms do. This relationship is driven primarily by the corporate governance sub-components of poor shareholder protection and the relatively weak role of chaebol firms’ boards of directors. Our evidence suggests that the entrenched control by chaebol firm owners stemming from the control rights much above the cash flow rights puts less weight on protecting the minority shareholders and distributes less corporate wealth to shareholders.

목차

Abstract
 1. Introduction
 2. Financial Crisis and Corporate Governance Reforms in Korea
 3. Corporate Governance Practices and Dividend Payouts
  3.1. Dividend payouts and governance effectiveness
  3.2. Indexing corporate governance practices
 4. Empirical Evidence
 5. Conclusion
 References
 Table
 Appendix

키워드

저자

• Lee-Seok Hwang [ Seoul National University ]
• Hakkon Kim [ Korea Advanced Institute of Science and Technology ]
• Kwangwoo Park [ Korea Advanced Institute of Science and Technology ] Corresponding author
• Raesoo Park [ Sookmyung Women’s University ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330