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Reverse Firm Size Phenomenon Around The Disclosure of Consolidated Financial Statements
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연결재무제표 공시와 역기업규모 현상

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Type
Academic journal
Author
Journal
Korean Academic Society Of Business Administration korean management review Vol.29 No.2 KCI Excellent Accredited Journal
Published
2000.5
Pages
85 - 108 (24page)

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Reverse Firm Size Phenomenon Around The Disclosure of Consolidated Financial Statements
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This paper investigates the information content of the consolidated financial statements and the relationship between the stock price response and firm size. Unlike the traditional firm size hypothesis which predicts the negative correlations, this study predicts the reverse relationship. Since the information availability does not vary according to firm size in the case of Korean firms` consolidated Financial Statements, during the period of 1993-95 relatively large stock price movements for small firms will not show up. Rather, investors will find it more difficult to predict consolidated F/S for large firms which are mostly members of 30 largest Jaebul groups. Test results based on the variances of excess returns around the disclosure of consolidated F/S show that the stock price significantly responds to the information for the disclosure week and the prior week. When total samples are divided into two portfolios based on the market capitalization, large firms` stock price response turned out to be greater than that of small firms with varying degree of statistical significance. However, when a dummy variable with the value of unity for the 30 largest Jaebul group firms and 0 otherwise was added to the regression model, only the Jaebul dummy turned out to be significant (positive). In addition, proxy variables representing consolidation complexity such as the number of sons and the ratio of unconsolidated total assets to consolidated total assets did not have significant relationship with the stock price movements, whereas the number of firms in each Jaebul group, a proxy for the structural complexity of the Jaebul group, shows significantly positive relationship with the stock price movements. In conclusion, the reverse firm size phenomenon was observed as predicted. The empirical results also indicate that the reverse relationship was not due to the firm size or consolidation complexity but to the Jaebul groups` structural complexity.

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