Emerald Article: Foreign board account and company value in Korea Hyang Mi Choi, Wonsik Sul, Sang Kee Min
To cite this document: Hyang Mi Choi, Wonsik Sul, Sang Kee Min, (2012), " International board regular membership and organization value in Korea", Management Decision, Volume. 50 Iss: 2 pp. 207 -- 233 Everlasting link to this kind of document: http://dx.doi.org/10.1108/00251741211203533 Downloaded in: 18-11-2012 References: This record contains references to seventy two other documents To copy this kind of document: [email protected] com
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International board membership and п¬Ѓrm value in Korea
Hyang Mi Choi
College of Business Operations, Seoul National University, Seoul, Korea
Overseas board membership rights
School of Economics and Organization Administration, Sookmyung Women's School, Seoul, Korea, and
Sang Kee Minutes
College of Business Administration, Seoul Nationwide University, Seoul, Korea Abstract
Purpose вЂ“ This newspaper seeks to explore such inquiries as: " What are the impacts of foreign shareholders and exactly what the channels through which overseas investors lead to or detracts from п¬Ѓrm benefit in Korea? вЂќ That aims to talk about how overseas investors and foreign outside directors communicate to enhance п¬Ѓrm value. Design/methodology/approach вЂ“ Applying longitudinal data from the KOSPI200 index in Korea during 2004-2007, the analysis examined the direct and interaction effect of foreign blockholders and international board members. To address the representativeness of foreign investors, the writers veriп¬Ѓed the mandates of foreign board members nevertheless telephone selection interviews. Findings вЂ“ Foreign block shareholders and foreign outside the house directors respectively provide experience and independent monitoring more than management. Overseas blockholders' administration control by way of board membership rights is likely to mitigate leverage of value enhancement when foreign outside the house directors symbolize private pursuits of international blockholders. The moderating effect is also recognized since foreign ownership concentration has an inverted U-shaped marriage with worth enhancement. The paper conп¬Ѓrms that table independence reephasizes the positive impact of international outside administrators on п¬Ѓrm value. Exploration limitations/implications вЂ“ This examine offers the to understanding corporate governance in that common monitoring and a balance among various types of stakeholders are very important to benefit enhancement. Originality/value вЂ“ The paper provides clues to the extant various п¬Ѓndings about the impact of foreign buyers on п¬Ѓrm value. It applies an integrated perspective for the empirical examines of the effects of international investors by providing consideration to the agency вЂ“ foreign outside the house directors вЂ“ to put into action management control on behalf of foreign blockholders. Keywords Foreign title, Foreign table...