외국인투자자가 한국기업의 경영 및 지배구조에 미치는 영향

초록

The role of foreign investors in Korean economy has been controversial since we observed several cases of excessive payments of cash dividends or stock repurchases, mainly at the requests of foreign investors. According to the empirical analysis that controls for the endogeneity of the variables, we find that the investment by foreign investors in domestic firms tend to lead to more efficient management decision through the improvement of their corporate governance, and that the current controversy on the negative role of foreign investors cannot be generalized.

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