이사회 내 위원회 구성이 인적자원 및 연구개발 투자에 미치는 영향

초록

The roles of Board of Directors could be divided broadly into the two (i.e. monitoring and supporting the management), and these two roles should function in a balanced way. With respect to the composition of Board of Directors, prior studies heavily put their emphasis on the monitoring role of outside directors in the board. However, it is obviously beneficial to include inside directors in the board because they can sufficiently support managerial decision-making as insiders with the relevant information. A few of prior studies shed light on the role of inside directors in improving the firm performance. This study extended prior researches by examining board committee composition in specific decision contexts. The purpose of this study is to test the impact of board committee composition on the investment in human resources and research & development. The analysis in this paper was performed with firm-year observations from 2008 through 2010 listed on Korea Exchange. As a result, it was found that the proportion of inside directors on management committee and the proportion of outside directors on other supporting committee were statistically significantly associated with investment in human resources while the proportion of outside directors on audit committee was not statistically associated with investment in human resources. In addition, it was found that the proportion of outside directors on audit committee was statistically associated with investment in research and development while the proportion of inside directors on management committee and the proportion of outside directors on other supporting committee were not statistically associated with investment in research and development. These results indicate that more inside directors are needed when the board committee is organized for the decision for which the relevant information within a firm is required. This study has the implication for board committee composition in that it analyzes the board committee composition for the two specific decisions. It seems to be important that practitioners evaluate appropriately the role and the necessity of inside directors upon organizing board committees in Board of Directors.

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