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자기주식 취득 및 처분 공시가 기업가치에 미치는 영향 원문보기

  • 저자

    朴彩珍

  • 학위수여기관

    韓國外國語大學校 大學院

  • 학위구분

    국내석사

  • 학과

    국제경영학과

  • 지도교수

    백재승

  • 발행년도

    2014

  • 총페이지

    80 p

  • 키워드

    자기주식취득 자기주식처분 공시효과 금융위기 지배구조;

  • 언어

    kor

  • 원문 URL

    http://www.riss.kr/link?id=T13538801&outLink=K  

  • 초록

    The Announcement Effect of Stock Repurchase and Disposition on the Firm Value: Focused on the Financial Crisis and Corporate Governance This study empirically investigates the announcement effects of stock repurchase and disposition on the firm value and their relevance to the global financial crisis in 2008 and Korean corporate governance. In this study, 475 cases in stock repurchase and 575 cases in stock disposition are selected as samples. According to empirical analysis, abnormal return (AR) and cumulative abnormal return (CAR) around the announcement date were observed. It means the announcement of stock repurchase and disposition has a positive or negative impact. Specifically, in case of the announcement of stock repurchase, it had strong positive impact on stock price through the event study. That is, it affects CAR at the 1% significance level in the announcement date. On the other hand, the positive announcement effect of stock disposition was also observed. Mostly, each case of samples had positive impact at 1% significance level. And in order to examine the determinants of CAR, cross-sectional regression was implemented. The results of the analysis is as follows. First, both of the targeted repurchase ratio (TRR) and targeted disposition ratio (TDR) that reflect management's intent to repurchase and dispose the stock had strong effects on CAR in all the regression models. Second, the pre-CAR intending the cumulative abnormal return from -20 days to -4 days before the announcement was also significant variable in both of stock repurchase and disposition at 5%, 10% significance level, respectively. Lastly, the significant result was observed that largest shareholders' share-holding ratio had strong impact (at 1% significance level) on CAR in case of stock repurchase whereas the its significance wasn't found in case of stock disposition. But dummy variables that are distinguished according to whether the each sample is included in the global financial crisis or Korean large business conglomerate were not significant. However, the comparison between pre-crisis and post-crisis dividing all the samples into before the crisis period and after the crisis period had considerable implication. Especially, the samples in stock disposition is definitely contrasting. Hence, the further analyses considering various CAR and year-dummy variables were implemented. The results after the further analyses were as below. In case of stock repurchase, financial crisis dummy was significant in both of CAR (-3,3) and CAR (-5,5) models, whereas significance of 2008 financial crisis dummy variable wasn't observed in any models. In addition, the interaction effect multiplying financial crisis dummy and largest shareholders' share-holding ratio had a negative impact at the 5% significance level in case of the announcement of stock repurchase. Finally, year-dummies (2003, 2004 dummies in the announcement of stock repurchase, 2003, 2011 dummies in the announcement of stock disposition) were partially significant in CAR (-5,5) models. As a result, the announcement effect of stock repurchase and stock disposition was verified through the empirical studies such as event study and cross-sectional regression. Additionally, their relevance to global financial crisis and korean corporate governance is partially proved. These results would implicate that stock repurchase and stock disposition could be regarded as financial strategy for many firms' management as in the past.


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