- Volume 11 Issue 1
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A Study on the Announcement Effect of Corporate Size and Ownership Structure in the Corporate Division
분할기업의 규모와 소유구조에 따른 공시효과에 관한 연구
- Lee, Bo-Hyung (Department of management, Chounbuk University.Chungnam Techno Park) ;
- Chung, Taik-Young (The Korea Institute of Science and Technology Information) ;
- Kim, Byeong-Su (Department of management, Kim Byeong Su tax account office) ;
- Oh, Hyeon-Tak
- Published : 2010.01.31
We studied about the difference of division public announcements by corporation size and ownership structure from 1999 to 2005. The results is as follow : First, we found most positive numbers in division corporation's CAR. This supports the existing research that corporation division is evaluated positively in the market. We found CAR as largest shareholders' holding more than 40%, which is greater than 0-20% & 20-40%, that shows relatively more negative CAR. So, the exceeded largest shareholders' holding rate (i.e., over 40%) can be a factor for decreasing corporations' value. Also, most positive CAR shows relatively small variation regarding corporation size knowing that big sized corporations have relatively small variation than small sized corporations. Second, we studied about relationship between corporate ownership structure and division public effects and found relatively a little effect by large shareholders, foreign investors' holding variables on division public.
Corporate division;Cumulative average abnormal return(CAR);Ownership structure
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