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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 저널정보
- 한국자료분석학회 Journal of The Korean Data Analysis Society Journal of The Korean Data Analysis Society 제15권 제5호
- 발행연도
- 2013.1
- 수록면
- 2,367 - 2,377 (11page)
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We try to investigate time difference by which financial policies are reflected on stock prices in Korean Stock Market. We document that firms with larger foreign share invest more, and are more highly appreciated in the market. Our sample suggests no relationship between share concentration and types of investment. Chaebol affiliated firms are likely to invest more on physical assets and human resources. Chaebol affiliated firms, however, seems to invest less on R&D activities. Foreign investors appear to prefer to invest on chaebol affiliated firms. Multivariate regression supports that different types of corporate investment have different time lags of reaction in the market - advertisement, immediately; capital expenditures, for two years; and R&D, after a year and for four years. Investment on human resources shows market valuation effect only contemporaneously. But the hypothesized ordering of market response is only partly supported. Finally, governance variables have been observed to have only limited effect on the valuation of corporate investment activities.
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참고문헌 (26)
참고문헌 신청
Attig, N. / 2008 / Multiple Large Shareholders, Control Contests and Implied Cost of Equity / Journal of Corporate Finance 14 (5) : 721 ~ 737
Baek, J. S. / 2004 / Corporate Governance and Firm Value : Evidence from the Korean Financial Crisis / Journal of Financial Economics 71 : 265 ~ 313
Ballot, G. / 2001 / Firms' Human Capital, R&D and Performance : A Study on French and Swedish Firms / Labour Economics 8 (4) : 443 ~ 462
Bassi, L. J. / 2002 / Profiting from Learning : Firm-Level Effects of Training Investments and Market Implications / Singapore Management Review 24 (3) : 61 ~ 76
Black, B. / 2006 / Does Corporate Governance Affect Firms’ Market Values? Evidence from Korea / Journal of Law, Economics, and Organization 22 (2) : 366 ~ 413
Baek, J. S. / 2004 / Corporate Governance and Firm Value : Evidence from the Korean Financial Crisis / Journal of Financial Economics 71 : 265 ~ 313
Ballot, G. / 2001 / Firms' Human Capital, R&D and Performance : A Study on French and Swedish Firms / Labour Economics 8 (4) : 443 ~ 462
Bassi, L. J. / 2002 / Profiting from Learning : Firm-Level Effects of Training Investments and Market Implications / Singapore Management Review 24 (3) : 61 ~ 76
Black, B. / 2006 / Does Corporate Governance Affect Firms’ Market Values? Evidence from Korea / Journal of Law, Economics, and Organization 22 (2) : 366 ~ 413
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