ScholarWorks@중앙대학교

초록

When firms disclose some information in capital market and consequently the stock price on the both disclosing firms and their competitors in the same industry are affected by the information. It is called 'intra－industry information transfers'. This study has been conducted for the objectives as follows：Firstly, it is to examine whether there is an intra－industry information transfer effect on the corporate governance improvement in Korea stock market. Secondly, it is to investigate empirically what determinants cause the effect if it exists and also to provide comprehensive insights into the corporate governance improvement. The results of the empirical analysis on this research are as follows：Firstly, the competitors' Cumulated Abnormal Returns (CARs) computed by Industry Index Returns irregularly increased or decreased but most of them were statistically significant at the 5% or 1% significance level. These results are the same as the those of the firms that disclose corporate governance improvement. Thus, it is considered that the information transfer effect on the corporate governance improvement Korea stock market may exist in the form of the contagious effect. Secondly, the greater the competitors' largest shareholder ratio is, the smaller the competitors' outside director ratio is, and also the greater the information transfer effect on the corporate governance improvement exists. In particular, it is found that the competitors' largest shareholder ratio and the outside director ratio are the main determinants of the information transfer effects.

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