CAJ | 학술논문

本文通过构建联立方程模型控制内生性问题,系统地研究了董事会构成的决定因素。结果发现：公司独立董事比例与公司业绩、国有股权、监事会规模显著负相关;与股权集中度、管理层持股比例呈倒＂U＂型曲线关系,与财务杠杆呈＂U＂型曲线关系;与法律环境、CEO两职兼任显著正相关。
본문통과구건련립방정모형공제내생성문제,계통지연구료동사회구성적결정인소。결과발현：공사독립동사비례여공사업적、국유고권、감사회규모현저부상관;여고권집중도、관리층지고비례정도＂U＂형곡선관계,여재무강간정＂U＂형곡선관계;여법률배경、CEO량직겸임현저정상관。
The board of directors is the core of corporate governance. The board composition determines the mode and the efficiency. Using the simultaneous equations approach to control the endogeny, we systematically investigate detemfinants of board composition from corporate performance, ownership structure, financial policies, legal and market environment. The research shows that the proportions of independent directors of listed companies relate negatively with corporate performances, state ownership, the size of supervisory boards, and correlate with the shareholding ratio of blockholder and managerial ownership by the inverse U - curve and with the financial leverage by the U- curve, and have positive relationship with the legal environment, CEO duality and corporate age.