기업분할의 목적에 따른 공시효과 분석

• 영문명: Exploring the Effects of Disclosure on Corporate Divestiture: The Korean Experience
• 발행기관: 한국무역연구원
• 저자명: 박경인(Kyung In Park) 이가연(Ka Youn Yi)
• 간행물 정보: 『무역연구』제10권 제5호, 781~798쪽, 전체 17쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2014.10.31

영문 초록

This paper studies the disclosure effects on corporate divestiture in Korea and compares valuation effects of corporate divestiture methods such as spin-offs and physical divisions while determining the causes. Event study methodology and cross-sectional regression analysis are used in the empirical analysis of this paper. Major findings include the following : First, the disclosure effect of physical divisions was found to be smaller than those of spin-offs. Second, Many spin-offs occur because of financial problems but most physical divisions occur because of a business portfolio restructuring. Third, the greatest disclosure effect of spin-offs is attributed to a business portfolio restructuring. Lastly, the study concludes that the disclosure effect is related to some corporate characteristics or variables such as size, leverage, return on assets and the rate of equity provided by foreign corporate owners.

목차

Abstract

Ⅰ. 서론

Ⅱ. 이론적 배경 및 선행연구

Ⅲ. 연구설계

Ⅳ. 실증분석

Ⅴ. 결론

참고문헌

키워드

divestitures spin-offs physical divisions disclosure effects