메뉴 건너뛰기
.. 내서재 .. 알림
소속 기관/학교 인증
인증하면 논문, 학술자료 등을  무료로 열람할 수 있어요.
한국대학교, 누리자동차, 시립도서관 등 나의 기관을 확인해보세요
(국내 대학 90% 이상 구독 중)
로그인 회원가입 고객센터 ENG
주제분류
인문학
인문학 일반 역사학 철학 종교학 어문학 기타 인문학
사회과학
사회과학 일반 경영학 관광학 교육학 군사학 문헌정보학 법학 사회학 신문방송학 심리과학 정치외교학 지리학 행정학 경제학 무역학 인류학 기타 사회과학
자연과학
자연과학 일반 물리학 생물학 생활과학 수학·통계학 천문학 지구과학 화학 기타 자연과학
공학
공학 일반 건축공학 기계공학 산업공학 재료·에너지공학 전기전자공학 조선해양공학 화학공학 컴퓨터학 기타공학
의약학
의학 일반 간호학 수의학 약학 한의학 기초의학 임상의학 기타 의약학
농수해양학
농수해양학 일반 농학 수산학 식품과학 임학 축산학 해상운송학 기타 농수해양학
예술체육학
예술 일반 디자인 미술 미용 사진 음악학 의상 체육 공연매체예술 기타 예술체육학
복합학
학제간연구 과학기술학 뇌인지과학 기술정책 기타 복합학

ENG

추천
검색
질문

논문 기본 정보

자료유형
학술저널
저자정보
이희정 (차의과학대학교) 이립 (Corporate Value Innovation Div., Korea Management Association Consultants Inc.) 송광호 (Corporate Value Dept., Korea Management Association Consultants Inc.) 김장현 (군산대학교)
저널정보
한국유통경영학회 유통경영학회지 유통경영학회지 제27권 제4호
발행연도
2024.8
수록면
99 - 108 (10page)

이용수

표지
📌
연구주제
📖
연구배경
🔬
연구방법
🏆
연구결과
AI에게 요청하기
추천
검색
질문

초록· 키워드

오류제보하기
Purpose: This study investigates the impact of KCSI announcements on stock prices from 2019 to 2022, focusing on abnormal returns (AR) and cumulative abnormal returns (CAR) during the event period (-2 days to +2 days) to understand immediate and sustained market reactions. It also examines whether the impacts differ between companies ranked 1st to 2nd and those ranked 3rd or lower by comparing their abnormal returns, assessing if top-ranked companies receive more favorable market responses. Additionally, the study analyzes the differences in the impact of KCSI announcements on stock prices between the manufacturing and service sectors, exploring sector-specific factors influencing investor responses and providing insights into why the service sector may react more strongly to customer satisfaction announcements compared to the manufacturing sector. Research design, data, and methodology: This study employs an event study methodology to investigate the influence of KCSI announcement on firm value. In order to conduct this study, we analyzed companies that are listed on the KOSPI and KOSDAQ, as well as companies that are listed on the KCSI certification system of the Korean industry from 2019 to 2022. The period under consideration was from 2019 to 2022. The analysis covered approximately 370 products and services for each year in 10 industries, and was limited to companies that provide these products and services. Results: Results showed that KCSI announcements generate positive short-term abnormal returns (AR), with a significant AR of 0.385% on the day following the announcement. Top-ranked companies (1st and 2nd) experienced significant positive AR, while lower-ranked companies did not. The study suggests dual promotion of both 1st and 2nd ranked companies to maximize market impact. Sector analysis revealed significant positive reactions in the service industry but not in manufacturing, highlighting the importance of customer satisfaction in service sectors. Enhanced customer satisfaction in services leads to increased loyalty, positive word-of-mouth, and revenue growth.First, we find that the announcement of KCSI results generates abnormal returns on the day after the event, but the cumulative abnormal returns are statistically insignificant. Second, when we separate KCSI rankings into first-, second-, and third-ranked firms, we find that the first- and second-ranked firms experience have a significant abnormal returns on the day after the announcement, but the third-ranked firms have no effect on stock prices. Finally, we find that the effect of KCSI announcements is significant in the service industry, but not in the manufacturing industry. Implications: The anticipation of the KCSI index announcement may be favorable in the short term, but it does not contribute to increasing the value of the company in the medium to long term. In addition, we believe that it would be more beneficial to provide information on the second-ranked companies as well as the first-ranked companies. It is necessary to explore how KCSI can contribute to corporate profits in the manufacturing industry.
#KCSI #Market Value of Corporate #Event Study

목차

등록된 정보가 없습니다.

참고문헌 (0)

참고문헌 신청
참고문헌이 DBpia에서 서비스 중이라면, [참고문헌 신청]을 통해 등록해보세요

함께 읽어보면 좋을 논문

논문 유사도에 따라 DBpia 가 추천하는 논문입니다. 함께 보면 좋을 연관 논문을 확인해보세요!

최근 본 자료

전체보기

댓글(0)

0