경영자와 이해관계자 간의 정보비대칭이 특수관계자 거래에 미치는 영향

초록

This study investigates when CEO has transaction with person with a special relationship, they use asymmetric information between CEO and stakeholders. The empirical results are as follows. First, the impact on he amount of related party transactions where there is the asymmetric information between CEO and stakeholders, the standard deviation of daily returns(SR) and the standard deviation of daily abnormal returns(AR) aren't significant, and the standard deviation of daily absolute return(ASR) is positive influence significantly. These results are expected, when asymmetric information between CEO and stakeholders of the related party transactions that the amount does not have a significant impact. Second, analyze the asymmetric information between CEO and stakeholders related party transactions to analyze the impact of the volatility, the standard deviation of daily relative returns(SR), the standard deviation of daily abnormal returns(AR), and daily standard of absolute return deviation(ASR) in both the volatility of the related party transactions are positive significantly. The results of related party transactions in volatility was same as three years or five years in all cases. These results, the company's CEO is concerned asymmetric information between CEO and stakeholders, which is related party transactions expected to increase or decrease.

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