Outside Directors and R&D investment: An Experience after the Corporate Governance Reform in Korea

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This paper explores how the structure and composition of the board of directors influence crucial decisions made in the firm, especially in the early years after a massive corporate governance reform towards an Anglo-Saxon system. With a sample of large Korean firms in 2000 ~ 2003, we examined the impact of board independence and demographic diversity on R&D investment. After controlling relevant variables, the ratio of outside directors as well as the diversity in educational and functional backgrounds among outside directors was positively related to R&D intensity. We also considered the effects of ownership structure to find that board independence was more strongly, positively related to R&D investment when institutional ownership is higher rather than low. Implications and future research direction are discussed.
Publisher
한국인사·조직학회
Issue Date
2008-10
Language
KOR
Citation

2008 한국인사·조직학회 추계학술대회

URI
http://hdl.handle.net/10203/162570
Appears in Collection
MT-Conference Papers(학술회의논문)
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