Management Decision

Emerald Article: Foreign board account and company value in Korea Hyang Mi Choi, Wonsik Sul, Sang Kee Min

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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

207

Wonsik Sul

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 – 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 firm benefit in Korea? ” That aims to talk about how overseas investors and foreign outside directors communicate to enhance firm value. Design/methodology/approach – 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 verified the mandates of foreign board members nevertheless telephone selection interviews. Findings – 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 confirms that table independence reephasizes the positive impact of international outside administrators on firm value. Exploration limitations/implications – 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 – The paper provides clues to the extant various findings about the impact of foreign buyers on firm value. It applies an integrated perspective for the empirical examines of the effects of international investors by providing consideration to the agency – foreign outside the house directors – to put into action management control on behalf of foreign blockholders. Keywords Foreign title, Foreign table...

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