기업분할공시의 정보전이효과 및 특성변수의 시장별 차이분석

초록

When a firm divests its divisions, it can enjoy more competitive dominance in its industry because of the maximized internal efficiency from the corporate divestiture. And this means less competitive power for competitors of the corporate divestiture firm. Thus, when a firm discloses corporate divestiture, stock returns of disclosure firm as well as its rival firms can be affected by the information and significantly changed, so called “information transfer effect”. This information transfer effect is important for comprehensive understanding of usefulness of corporate divestitures, however no prior studies have analyzed and focused on it. Therefore, this paper empirically examines intra－industry information transfer effect on corporate divestiture disclosures of KOSPI and KOSDAQ markets between 2001 and May 2007. Furthermore, this study extends prior studies by analyzing what firm characteristics lead to information transfer on corporate divestiture disclosures and whether there are market differences of those characteristics which affect information transfer. The results of this study are as follows：Firstly, positive abnormal returns(ARs) and cumulative abnormal returns(CARs) were detected for corporate divestiture disclosure firms around disclosure dates. This result means investors positively valuate firms planning divestiture and stock returns of those firms significantly mount up on average. Secondly, negative ARs and CARs were detected for rival firms of corporate divestiture disclosure firms around disclosure date. This result suggests that investors depreciate rival firms due to corporate divestiture plan disclosed by their competitors and stock returns of rival firms significantly decrease on average. This may imply there exits intra－industry information transfer effect on corporate divestiture information. Thirdly, the more increase of stock returns of corporate divestiture disclosure firms, the bigger tendency of monopolistic or oligopolistic industry and the more similarity of earnings characteristics between corporate divestiture disclosure firms and their rival investors tends to devaluate rival firms. Finally, there exists market difference of CARs of corporate divestiture disclosure firms which negatively affect rival firms’ CARs. Moreover, for KOSPI listed firms, CARs of corporate divestiture disclosure firms result in incremental information transfer effect in comparison with those listed firms at KOSDAQ market. This paper contributes that it extends range of corporate divestiture studies in light of rival firms which have rarely been considered empirically. And this study also contributes that it finds out comprehensive information contents and market efficiency of corporate divestiture disclosure by analyzing how investors’ expectation on corporate disclosure firms and their rivals changes.

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