국내 및 외국인 기관투자자가 한국기업의 장단기 의사결정 및 기업가치에 미치는 영향 = The Influence of Domestic and Foreign Institutional Investors on Corporate Decision-Making and Business Performance

다국어 초록 (Multilingual Abstract)

We empirically examine whether Korean domestic and foreign institutional investors influence corporate decision-making in the long and short run, and the decision-making in turn affects firm value and corporate performance. In general, institutional investors are considered to have information advantage and can perform a corporate monitoring role. We divide domestic and foreign institutional investors into the two types, i.e., long- and short-term investors in terms of the investment horizon. We also categorize corporate decision-making into long- and short-term decision-making by considering the time lag for which it has an effect on firm value or corporate performance Long- and short-term domestic and foreign institutional investors are defined using both trading data and insider ownership data.
Long-term domestic and foreign institutional investors have a significantly positive effect on R&D investment, which is a long-term decision-making variable. By contrast, long-term institutional investors have a significantly negative effect on short-term decision-making, i.e., retained earnings or retention ratio. Domestic and foreign institutional investors seem to prefer long-term corporate decision-making by conducting investment activities for the purpose of portfolio diversification, and there was no significant difference in the impact on corporate decision-making between domestic and foreign institutional investors.
We further look into the effect of corporate decision-making on firm value and corporate performance. R&D investment, which is a long-term corporate decision-making process, has a significantly positive effect on Tobin's Q, a proxy for long-term firm value. However, the retention ratio, proxy for the short-term decision-making, has a significantly negative effect on Tobin's Q.
We can conclude that domestic and foreign institutional investors alike influence long- and short-term decision-making of Korean firms. In addition, it was found that the decision-making influenced by investors in turn can affect the long-term firm value and short-term performance of Korean firm. In particular, foreign institutions with long-term investment horizon significantly and positively affect firm value. So the study results imply that Korean firms should increase firm value by enhancing the corporate governance structure, and attract long-term foreign and domestic institutional investors.

국문 초록 (Abstract)

본 연구는 국내 및 외국인 기관투자자가 한국기업의 의사결정에 미치는 영향과 그 의사결정이 기업의 가치 및 성과에 미치는 영향을 함께 분석한다. 일반적으로 기관투자자는 정보우위를 가지고 기업 경영에 대한 모니터링 역할을 수행함으로써 기업의 의사결정과 성과에 영향을 미칠 것으로 기대된다. 기업의 의사결정이 기업의 성과 또는 기업가치에 영향을 미치는 기간을 고려하여 장기 및 단기 의사결정으로 구분하고, 국내 및 외국인 기관투자자도 순매수 거래량과 소유지분율 정보를 모두 이용하고 장기 및 단기 투자자로 구분하여 분석한 결과, 장기 투자를 하는 국내 및 외국인 기관투자자는 기업의 장기 의사결정 변수인 R&D 투자에 유의한 양(+)의 영향을 미치는 것으로 나타났으며, 단기 의사결정 변수인 내보유보율에는 유의한 음(-)의 영향을 미치는 것으로 나타났다. 이에 따라 국내 및 외국인 기관투자자는 포트폴리오 다각화 및 분산투자를 목적으로 투자활동을 수행하여 기업의 장기 의사결정에 영향을 미치며, 국내 및 외국인 기관투자자간에 기업 의사결정에 미치는 영향은 큰 차이가 나타나지 않았다. 또한, R&D 투자는 기업가치 변수인 Tobin’s Q에 유의한 양(+)의 영향을 미치며, 단기 의사결정인 내보유보율은 Tobin’s Q에 유의한 음(-)의 영향을 미치는 것으로 나타났다. 결론적으로 국내 및 외국인 기관투자자가 기업의 장단기 의사결정에 영향을 미치며, 또한 이들 투자자 그룹의 영향을 받는 기업의 의사결정은 기업의 장기가치 및 단기성과에 영향을 미치는 것으로 나타났다. 이에 따라, 한국 기업들은 향후 지배구조 등을 더욱 개선함으로써 국내 및 외국인 기관투자자, 특히 장기 기관투자자를 유인하고 기업가치를 제고할 수 있을 것으로 기대된다.

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