사옥신축의 정보효과와 기업가치 결정요인에 대한 연구

• 영문명: Information Effect of New Office Investments and Determinant of Firm Value
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 이진훤(Jin-Hwon Lee) 이포상(Po-Sang Lee)
• 간행물 정보: 『아태비즈니스연구』제11권 제3호, 95~106쪽, 전체 12쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2020.09.30

영문 초록

Purpose - This study examines the information effect of the disclosure of new office investments on the Korean stock market and investigates determinant of performance of sample firms. Design/methodology/approach - The sample consists of companies listed on the Korean Exchange that announced investments in new office construction for eleven-years from January 2007 to December 2017. It analyzes excess return using event study methodology and studies the determinants of abnormal return with multiple regression analysis. Findings - We find that abnormal returns of the short and long window are positive on average and statistically significant. In particular, CAR of high growth subsample is a larger positive return than that of the low one both short and long window. Difference in abnormal returns by investment size is observed only in short time window. But there is not observed difference by cash holding level. Research implications or Originality - This finding is able to be added to the evidence of the theory of corporate value maximization academically. Moreover, it shows the possibility that building a new office can have a positive effect on corporate value. It is expected to help investors make decisions because it can provide useful information to market participants in practice.

목차

Ⅰ. 서론

Ⅱ. 선행연구의 검토

Ⅲ. 연구자료의 구성 및 연구방법론

Ⅳ. 실증분석 결과

Ⅴ. 결론

References

키워드

Disclosure Information Effect Office Investment Stock Market Corporate Value Maximizing Theory