Governance Structure, Firm Performance, and Strategic Change in Chinese Firms

학위논문 (박사)-- 서울대학교 대학원 경영대학 경영학과, 2017. 8. 박철순.Corporate governance has become a major research topic in modern strategic management research. Since the concept of 'corporate governance' emerged in the process of solving the agency problem caused by the special relationship between 'ownership' and 'management', it has created a wide and broad range of research areas: control mechanisms (e.g., agency theory and stewardship theory) based on the attitudes and characteristics of principal governance agents and the causal relationship with various corporate performance variables. In particular, since the proliferation of globalization and free trade began in the late 20th century, it has spurred the movement toward governance improvements by increasing the necessity for individual countries and enterprises to form their corporate governance to meet international standards. China is no exception to this trend. As the influence of Chinese enterprises increases, the improvement of their governance in line with international standards has become their major challenge. The Chinese government finalized the "Equity Division Reform" at the end of 2006, beginning with the amendment of the and the at a Plenary Session of the 15th Central Committee of the Communist Party of China (CPC) in September 1999. As a result, the government-centered unitary structure, "ownership-management," has been separated, and an institutional basis close to international standards has been established. Therefore, we have presumed that the Equity Division Reform' has a great influence on the improvement of the governance of the listed enterprises in China. In the study, we have focused on verifying the causal relationship between corporate governance characteristics and firm performance and strategic variables in Chinese enterprises after the reform. First, in Study 1, we have explored the relationship between the characteristics of corporate principal management' agents and corporate financial performance. We have sampled listed state-owned enterprises (SOEs) and private-owned enterprises (POEs) in China in a period of corporate governance stabilization from 2007 to 2015. Among the corporate governance variables, we have postulated the characteristics of the principal management' agents (BOD and CEO) as independent variables to analyze their effects on the financial performance. The earlier studies on enterprises in China were not enough to identify the longitudinal relationship between principal management' agents in corporate governance and financial performance. Therefore, we have made an attempt to fill the gap. In addition, we have focused on enhancing the differentiation of research by considering 'political connections' as one of the main characteristics of principal management agents and examining the causal relationship with the dependent variable. In Study 2, only listed state-owned enterprises in China are subject to the study, and they are classified into the categories (state-owned share and state-owned legal person share) with legal and institutional grounds to identify the causal relationship between the characteristics of corporate governance and the strategic change. In the study, the following have been taken into account: So far, there has been very little research on the relationship between corporate governance and strategic change in Chinese enterprises. Even if the scope of this study is extended beyond China, there is a need for a study on the relationship between the 'ownership' holders and the strategic change to consider the characteristics of 'ownership' holders because the governance factors are concentrated on the principal management agents. Among the state-owned enterprises listed on the Shanghai Stock Exchange (SSE), we have finally selected 270 firms observable for nine years from 2007 to 2015 and have used a fixed effect model to analyze them. In Studies 1 and 2 mentioned above, there are the following implications. The causal relationship of each corporate governance factor with the corporate performance and strategies have been analyzed from the existing contractual viewpoint. In addition, the behavioral approach to principal governance agents and the institutional and environmental uniqueness embraced by Chinese enterprises have been considered.GENERAL INTRODUCTION 1 STUDY1: THE IMPACT OF CORPORATE GOVERNANCE ONFIRM PERFORMANCE IN CHINESE ENTERPRISES 4 ABSTRACT 5 INTRODUCTION 7 THEORETICAL BACKGROUND 13 Definition of Corporate Governance and its Relationship with the financial performance 13 Uniqueness of Corporate Governance in China 15 HYPOTHESES 21 Principal Management Agents and Financial Performance 21 Ownership Types and Interaction Effect 30 RESEARCH METHODS 38 Data Collection 38 Operational Definition of Variables 39 Analysis Methods 44 EMPIRICAL ANALYSIS RESULTS 46 DISCUSSIONS AND CONCLUSIONS 51Docto

중국 기업의 이사회 구성이 기업의 사회적 책임 활동에 미치는 영향에 관한 연구: 공산당원 여부를 조절변수로

학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2012. 2. 조동성.연구는 이사회 구성원이 기업의 사회적 책임(CSR)활동에 미치는 영향을 이사회 구성원의 공산당원 여부를 조절변수로 활용하여 검증하는데 그 목적이 있다. CSR을 연구 주제로 한 선행연구들을 다양하지만 본 연구에서는 선행 연구와 구별되는 두 가지 특성을 가지고 접근한다. 첫 번째는 중국기업들을 연구대상으로 하여 연구를 진행했다. 중국 내에서 기업의 사회적 책임활동과 관련한 연구들을 최근 들어 관심이 높아지고 있지만, 이사회 구성과 관련한 연구는 생소한 것이 사실이다. 따라서 본 연구에서는 선행 연구에서 이사회 구성의 대위변수로 활용되어 왔던 사외이사의 비율과 CEO duality를 중국 기업들의 현실에 맞게 변형, 적용하여 이 같은 요소들이 기업의 사회적 책임활동에 미치는 영향에 대하여 검증해 보았다. 두 번째, 본 논문은 이사회 구성원의 공산당원 여부를 조절변수로 활용함으로써 선행 연구와 차별성을 두었다. 사회주의라는 중국만의 특수성을 고려하고, 이사회 구성원 중 정치, 경제 순환 배치구조를 가지는 공산당원을 조절 변수로 활용하는 것은 기존 선행 연구에서 없던 새로운 시도였다. 따라서 본 연구에서는 이를 통계적으로 활용해 봄으로써 그 조절효과를 검증해 보고자 하였다. 이를 위해 2007년 상하이 증권거래소에 상장된 기업들 중 랜덤 샘플링을 통해 1차 표본 추출을 한 뒤, 이사회 구성원 정보가 제공되지 않는 기업들을 제외하여 최종적으로 184개의 표본을 확정하였다. 표본을 확정하고 통계적으로 검증해 본 결과 이사화의 특성(전체 이사회원 중 사내이사의 비율, CEO Duality)이 CSR 활동에 유의한 영향을 줌이 검증되었으며, 사내이사의 공산당원 조절 효과를 검증한 가설 3의 경우는 채택되고 CEO duality일 경우 공산당원 조절 효과를 검증한 가설 4는 기각되었다.The purpose of this paper is to explore the impact of BOD's composition on CSR activity in China using membership of the Communist Party as a moderator. Unlike earlier studies, this study focus on "Chinese manufacturing companies CSR activity" and "membership of the Communist party" as a moderate variable. The hypotheses were tested by 184 listed companies in manufacturing sector in Shanghai SE. The study results reveal that BOD's Composition are related to CSR activity (Hypothesis 1, 2). And membership of the Communist Party has positive modering effect on BOD's composition feature (ratio of Insider directors) and CSR activity (Hypothesis 3). But it didnt prove moderator role between CEO duality and CSR activity. Implication for theory, research, and practice are suggested in the conclusion.Maste

Research on the Influence of Political Connection of Board of Directors on the Relations between CSR Activities and Precedent Factors: Case Study on Chinese Enterprises

본 연구는 기업의 이사회가 가지는 정치적 연관성(Political connection of Board of Directors)이기업의 사회적 책임활동(CSR) 성과와 선행 요인 간 관계에 있어 어떠한 영향을 미치는가를 살펴보기위해 2000년대 중반 이후부터 CSR에 대한 제도적?환경적 압력이 높아지고 있는 중국 내 기업들을대상으로 실증 분석을 시도한 논문이다. 상하이증권거래소에 상장되어 있는 기업들 중 2008년부터2013년까지 6년간 관찰 가능한 112개의 기업이 표본 대상이 되어, 672개의 관측치를 구성, 고정효과모형(fixed effect model)으로 분석하였다. 본 연구에서는 기업 총 자산 이익률(ROA), 최대 주주의지분율, 이사회의 정치적 연관성을 독립변수로 상정하였으며 이 중 이사회의 정치적 연관성을 조절변수로 재상정하여 상호작용 효과를 살폈다. 실증 분석 결과, 연구에서 상정된 세 가지 선행 변수 모두가CSR 성과에 유의미한 결과를 보임을 확인할 수 있었다. 단, 최대 주주의 지분율과 CSR 성과 간 관계에대한 대립 가설은 기각이 되었다. 또한, 이사회의 정치적 연관성이 기업 총 자산 이익률 (ROA)과 CSR 성과 간 정(+)의 효과를 강화하고, 최대 주주의 지분율과 CSR 성과 간 가지는 부(-)의 관계를 감소시키는효과를 보임을 검증해 냈다. 이 같은 결과는 독자적 정치, 경제 체제를 가진 중국 내 기업들을 연구함에있어 이사회의 정치적 연관성이 중요한 변수로 고려될 수 있음을 보여주는 동시에 향후 기업지배구조연구에 있어 정치적 요인이 주요한 연구 분야로 성장할 수 있음을 보여주는 결과라 판단된다. This research is an attempt to empirically analyze enterprises within China, undergoing increasing level of institutional, environmental pressure on CSR since mid-2000s. This is in order to examine how the political connection of board of directors influence relations between performances of CSR activities and precedent factors. Among enterprises listed on the Shanghai stock exchange, 112 companies, observable for six years ranging from 2008 to 2013, were selected as samples. With formation of 672 observed values, analysis was conducted with fixed effect model. In this research, return on assets (ROA) of enterprises, share percentage held by the largest shareholders, and political connection of board of directors were taken as independent variables. In addition, among the independent variables, political connection of board of directors was re-applied as a moderator variable to observe interaction effects. As a result of empirical analysis, it was found that all three leading variables held significant results on CSR performances. However, alternative hypothesis on relations between share percentage held by the largest shareholders and CSR performances was rejected. Furthermore, it was proved that political connection of board of directors reinforces positive correlation between ROA and CSR performances, and in turn alleviates negative correlation between share percentage held by the largest shareholders and CSR performances. Such result displays how political connection of board of directors can be considered as an important variable in studying enterprises within China, a country with a distinct political, economic system. At the same time, it can be considered as a result showing that political factors have the potential to develop as a key research area in the field of corporate governance studies.N