메뉴 건너뛰기
Library Notice
Institutional Access
If you certify, you can access the articles for free.
Check out your institutions.
ex)Hankuk University, Nuri Motors
Log in Register Help KOR
Subject
Humanities
General Humanities History Philosophy Religious Studies Linguistics and Literature Other Humanities
Social science
General Social Science Business Management Tourism Education Military Science Library and Information Science Law Sociology Journalism and Media Studies Psychological Science Political Science and Diplomacy Geography Public Administration Economics International Trade Anthropology Other Social Science
Natural science
General Natural Science Physics Biology Life Sciences Mathematics/Statistics Astronomy Earth Science Chemistry Other Natural Science
Engineering
General Engineering Architectural Engineering Mechanical Engineering Industrial Engineering Material/Energy Engineering Electrical and Electronic Engineering Marine and Ocean Engineering Chemical Engineering Computer Science Other Engineering
Medical science
General Medical Science Nursing Science Veterinary Pharmacy Traditional Korean Medicine Basic Medicine Clinical Medicine Other Medicine
Agriculture and Fishery
General Agriculture and Fishery Agriculture Fishery Science Food Science Forestry Animal Husbandry Marine Transportation Studies Other Agriculture and Fishery
Art and Kinesiology
General Arts Design Fine Arts Cosmetology Photography Music Fashion Kinesiology Performing Media Arts Other Arts and Kinesiology
Interdisciplinary Studies
Interdisciplinary Research Science and Technology Studies Brain and Cognitive Science Technology Policy Other Interdisciplinary Studies

KOR

Corporate Governance and M&A Announcement Effect
Recommendations
Search
Questions

기업지배구조와 인수합병(M&A) 공시효과

논문 기본 정보

Type
Academic journal
Author
Journal
Korean Academic Society Of Business Administration korean management review Vol.39 No.3 KCI Excellent Accredited Journal
Published
2010.6
Pages
519 - 540 (22page)

Usage

cover
📌
Topic
📖
Background
🔬
Method
🏆
Result
Corporate Governance and M&A Announcement Effect
Ask AI
Recommendations
Search
Questions

Abstract· Keywords

Report Errors
There have been a lot of researches especially on M&A announcement effects. However, what is more interest topic today is that why stock prices react significantly to the M&A announcement and a few studies argue that the agency theory is one of the main reasons. Especially, as many researches argue that firms with a good corporate governance system tend to have less agency problems than others, recent papers focus on the effects of M&A announcement from the perspective of agency theories by using corporate governance data as proxy variables. Moreover, these studies consistently suggest that if firms have a good corporate governance system, M&A announcement effects in those firms are higher than counterparts significantly. However, different from prior research, studies in Korea do not show that the level of governance system tends to have positive relation with market reactions to M&A announcements. The most important reason why there are not consistent results with respect to the effects of agency problems to M&A is that there are not so good proxy variables for the degree of agency costs. In other words, even though a firm`s corporate governance system can be affected by many factors including ownership structures, prior researches in Korea usually use just ownership data such as manager`s ownership ratios or institutional ratios as proxy variables. Meanwhile, since the IMF economic crisis, Korean firms` corporate governance systems have been considered as the main reason for the so-called Korean Discount. So, there are many changes in regulations such as the board of directors and audit committee and so on. Additionally, the important roles of the board of directors and audit committee are to increase the efficiency of firm`s investment activities including M&A. Therefore, after the IMF crisis, we can guess that in Korea the effects of corporate governance, especially board of directors and audit committee became more important. Unlike the Masulis et al.(2007) paper which focuses on anti-takeover provisions, this paper investigates the effects of corporate governance on M&A announcements based on the agency theories by using the KSE listing firms over the period between 2003 and 2008. In particular, this paper uses individual corporate governance scores provided by the KCGS to test the effects of governance system on the market reactions. As prior studies argue, the KCGS`s governance scores are likely to be good proxy variables for the level of a firm`s agency problems because there are a few results that show the positive relations between corporate governance scores and firm value. Considering all reasons mentioned above, we can find that generally firms with good corporate governance systems tend to have significantly positive abnormal returns than others, which means that corporate governance systems can mitigate agency problems by controling manager`s inefficient behaviors. In addition, in subs ample tests, we also find that the board of directors and audit committee in Korean firms are the most important factors to affect the market reactions to M&A announcements. Finally, this paper shows that the effects of two above-mentioned systems can be work even in business groups, Chaebols, if Chaboles have good corporate governance systems, which means unlike the prior studies, the Chaebol variable is not a good proxy variable for the level of agency costs. In conclusion, these results are consistent with the prior research results based on the agency theories. Moreover, especially in Korea, the board of directors and audit committee are more important factors to affect the M&A announcement events, resulting in increasing firm value significantly.

본 연구는 유가증권시장에 상장된 기업들의 기업지배구조점수를 활용하여 인수합병공시에 대한 시장반응과 기업지배구조의 관계를 분석하였다 특히, 본 연구에서는 전반적인 기업지배구조의 영향뿐만 아니라 개별기업의 내부지배구조인 이사회와 감사기구가 인수합병 공시효과에 미치는 영향도 함께 분석하였다. 분석결과, 첫째, 기업지배구조점수가 높은 기업일 수록 인수합병공시에 대한 시장반응이 긍정적인 것으로 나타나 기업지배구조가 좋을수록 인수합병 의사결정의 효율성이 높아지는 것을 확인할 수 있었다. 뿐만 아니라 이사회 및 감사기구의 지배구조점수가 높은 경우 해당 기업의 합병공시효과가 유의적으로 높게 나타났다. 둘째, 내부거래 등으로 대리인 비용의 발생 가능성이 높은 재벌기업의 경우 인수합병의 공시효과가 부정적으로 나타났지만, 재벌그룹 내에서도 이사회 및 감사기구의 지배구조점수가 높은 경우 시장 반응은 유의적으로 높은 것으로 나타나, 내부지배구조의 영향을 재확인할 수 있었다. 셋째, 부채비율이 높을수록 인수합병공시효과는 높게 나타나 부채감사가설을 지지하는 반면, 합병 이전의 소유구조 및 계열사 간의 합병 여부 등은 인수합병공시효과에 유의적인 영향을 미치지 않는 것으로 나타났다.
#audit committee #board of director #corporate governance #M& #A agency problem #감사기구 #기업지배구조 #대리인 문제 #이사회 #인수합병

Contents

No content found

References (21)

Add References
1. [학술지(정기간행물)] - 김영숙 / 2000 / 기업가치와 기업소유구조와의 관련성 / 증권학회지 26 : 173 ~ 197 dbpia 2. [학술지(정기간행물)] - 강준구 / 2001 / 기업집단과 대리인문제:재벌 및 비재벌 인수기업의 합병성과 비교연구 / 재무연구 14 : 49 ~ 88 google schola 3. [학술지(정기간행물)] - 김희석 / 2002 / 합병관련기업 주주부 변화의 결정요인 / 재무관리연구 19 (2) : 4 ~ 109 google schola 4. [학술지(정기간행물)] - 박광우 / 2005 / 기업지배구조와 주주부의 배분에 관한 연구 / Asia-Pacific Journal of Financial Studies 34 (4) : 149 ~ 188 dbpia 5. [학술지(정기간행물)] - 변진호 / 2007 / 합병 인수기업의 규모효과에 관한 연구 / 재무연구 20 (2) : 37 ~ 68 dbpia

Recommendations

It is an article recommended by DBpia according to the article similarity. Check out the related articles!

Related Authors

Frequently Viewed Together

The Statistics for Cross Border M&A in Korea and US: focused on the Earnings Management of the US Target in Cash Mergers
Cho ,  Kwanghee Korean Jouranl of Business Administration 2009 .08
A Study on the Performance of the M&A Firm in KOSDAQ
Kyung-sik Kim Journal of the Korea Society of Computer and Information 2007 .03
A Study on Relationship Among Strategic Leadership, Resistance and Perceived Performance After M＆A -Focused on IT Companies-
Sung-Gun Kim Journal of the Korea Society of Computer and Information 2013 .10
Regarding the possibility of introducing stock acquisition rights as a defensive measure against hostile M&A
Man-Sig Yang BUSINESS LAW REVIEW 2015 .03

Recently viewed articles

A New Study on the Establishment and Abolition of The two commanderies of Imdun and Jinbeon, and Their Location
Jang, Byung-jinGojoseon & Dangun Studies Association2022.04
 A Report on the 9th World Congress of International Political Science Association
Kim Ke SooThe Korean Political Science Association1973.11
 Quality Nursing Care and It's Implementation in Community Health Nursing
Kim E.S.Korean Nurses Association1980

Comments(0)

0

Write first comments.