동일인 지정 제도에 대한 비판적 검토: Centrality 적용 실증분석 및 제도 개선 방향

초록

This study empirically investigates whether the ‘same person’, de facto controlling shareholder of a large business group formally designated by the Korea Fair Trade Commission is identical to the ‘implied’ controlling shareholder identified through ‘central’ firms of a business group as developed by Almeida et al.(2011). We find that among the 55 large busies groups, the implied and actual ‘same person’ coincided in 40 groups(73%), but in the remaining 15 groups(27%) the identities of the implied and actual ‘same person’ were different. The difference is mostly due to succession within the family business groups. These findings suggest that the current method of designating the ‘same person’ should be re-evaluated. We suggest a new policy direction that separates the focal point for identifying business groups and the focal point for regulating tunneling. For the former, the focal point should be a firm, not a natural person, which is expected to mitigate the continuation of authoritarian one-man leadership.

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