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상품시장경쟁과 기업지배구조 관계 연구(Corporate governance of cartel firms)

: 카르텔을 중심으로
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Title 상품시장경쟁과 기업지배구조 관계 연구(Corporate governance of cartel firms)
Subtitle 카르텔을 중심으로
Publisher 세종 : 한국개발연구원
Publication Date 2015 - 12
Material Type Report
Country South Korea Holding 한국개발연구원; KDI국제정책대학원
Language Korean License
Series Title 정책연구시리즈


Firm strategies in a product market are determined by management. Therefore product market competition cannot be free from corporate governance which directly affects the decision-making process of management. To examine the relationship between corporate governance and collusion, a unique data set is collected on cartel case details, board composition and activities, and socio-demographic characteristics of outside directors and CEOs in 155 listed companies in South Korea for 2007-2012. We observed more dissenting votes from outside directors in collusive firms than in competitive firms. Not only that casting a dissenting vote raises the risk of being replaced, the risk increase is found to be significantly larger in collusive firms than in other firms. In addition, CEO turnover sensitivity to relative performance is high in competitive firms while such relationship is not found in collusive firms. Rather, the turnover probability goes down with industry performance in collusive firms. These empirical results suggest that collusive firms have weaker governance than competitive firms.

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