주주의 역할에 대한 비판적 검토: 경영자의 자기과신과 이사회 운영 간의 관계를 중심으로 = A Critical Examination of the Role of Shareholders: Focusing on the Relationship between Managerial Overconfidence and Board Operations

국문 초록 (Abstract)

[연구목적]본 연구는 이사회가 경영자의 의사결정에 가장 포괄적인 영향을 미치는 핵심적인 지배구조라는 점에 기반하여, 과신적인 경영자의 존재를 감안해 이사회의 효과성이 결정되는지를 검증하고자 한다.
[연구방법]실증분석을 위해, 2009년부터 2021년까지 코스피 시장과 코스닥 시장에 상장되어 있는 기업들로 가설 검증 표본을 구성했다.
[연구결과]첫째, 경영자의 과신성향과 이사회 규모 간에는 유의한 양(＋)의 관계가 나타났다. 이는 과신하는 경영자를 감안하여 이사회의 역할을 강화하려는 주주의 역할이 존재함을 지지하는 결과로 해석된다. 둘째, 경영자의 과신성향과 이사회의 독립성 간에는 유의한 음(－)의 관계가 나타났다. 이는 과신하는 경영자를 감안하여 이사회의 역할을 강화하려는 주주의 역할이 제한적이라는 결과를 의미함과 동시에 경영자의 유인을 반영하는 결과로 해석될 수 있다.
[연구의 시사점]첫째, 본 연구는 경영자의 과신성향과 관련한 주주의 역할에 대하여 다양한 정보이용자들에게 유용한 정보를 제공할 것으로 예상된다. 둘째, 본 연구는 이사회 구조의 결정요인을 추가적으로 파악했다는 공헌점이 존재한다.

다국어 초록 (Multilingual Abstract)

[Purpose]Based on the fact that the board of directors is the core governance structure that has the most comprehensive influence on managerial decision, this study aims to test whether the effectiveness of the board of directors is determined by the presence of overconfident managers.
[Methodology]For the empirical analysis, the hypothesis testing sample consists of companies listed on the KOSPI and KOSDAQ markets from 2009 to 2021.
[Findings]First, we found a positive relationship between CEO overconfidence and board size. This supports the role of shareholders in strengthening the role of the board of directors to account for overconfident managers. Second, there is a negative relationship between CEO overconfidence and board independence. This suggests that there is a limited role for shareholders to strengthen the role of the board in light of overconfident managers, but also reflects the CEO incentives.
[Implications]First, this study is expected to provide useful information to various information users on the role of shareholders in relation to managers’ overconfidence. Second, this study contributes to the literature by identifying additional determinants of board structure.

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