PRINCIPAL-PRINCIPAL AGENCY PROBLEM AND SHAREHOLDER ACTIVISM: THE RISE OF MINORITY SHAREHOLDER MOVEMENT IN KOREA 2001-2008

• 발행기관: 한국인사조직학회
• 저자명: Heejung Byun Tae-Hyun Kim
• 간행물 정보: 『한국인사조직학회 발표논문집』한국인사조직학회 2013년도 하계학술연구발표회 발표논문집, 1~31쪽, 전체 30쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2013.06.30

영문 초록

Drawing from the social movement perspective of corporate governance, we explore the underlying dynamics of agency conflict between controlling shareholders and minority shareholders, namely principal-principal agency problem. We argue that tunneling of resources from publicly traded firms to business group affiliates could be used as a device of minority shareholder expropriation and show how it is guided by motives of controlling families. In response, we explore how minority shareholder activism acts as a possible means through which minority shareholder accesses corporate governance in order to alleviate the principal-principal agency problem. Using rich related party transactions data of inter-firm purchases, sales, debts, and loans within Korean business groups, we examine how and why controlling shareholders in publicly traded firms wield their power over the firms and shift resources out from the firms to generate private benefit. We show how minority shareholder movement gained its presence in Korea and test the efficacy of minority shareholder activism in reducing related party transactions.

목차

ABSTRACT

AGENCY THEORY AND SHAREHOLDER ACTIVISM

HYPOTHESES

CONTEXT: RELATED PARTY TRANSACTIONS IN KOREA

METHODS

RESULTS

DISCUSSION & CONCLUSIONS

REFERENCES

키워드

principal-principal agency problem shareholder activism business group