공동경영자 구조가 횡령․배임에 미치는 영향

초록

[Purpose] This study empirically examines the effect of co－CEO structures versus single－CEO structures on corporate fraud, focusing on firms that experienced embezzlement and breach of trust. [Methodology] Using data from 2013 to 2019, information on representative directors was collected from the executive status disclosed in business reports. Co－CEO firms were identified based on the presence of two or more CEOs, and corporate fraud was measured using disclosures related to embezzlement and breach of trust. The final sample consists of 672 firms listed on the Korea Stock Exchange (KOSPI) and the KOSDAQ market, including 112 firms that experienced embezzlement or breach of trust and 560 firms without such incidents. [Findings] The empirical results support the hypothesis that firms with a co－CEO structure are less likely to experience embezzlement and breach of trust than firms with a single－CEO structure. This finding suggests that mutual roles and monitoring effects among CEOs under a co－CEO structure play an important role in reducing corporate fraud. [Implications] This study contributes to the literature by providing empirical evidence on the relationship between co－CEO structures and corporate fraud and by highlighting the functional role of mutual roles and monitoring in the co－CEO structure. Furthermore, the findings offer practical implications for management by providing evidence on desirable CEO structures for preventing corporate fraud.

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