A Study on the Announcement Effect of Corporate Size and Ownership Structure in the Corporate Division

분할기업의 규모와 소유구조에 따른 공시효과에 관한 연구

  • 이보형 (전북대학교 경영학과.충남테크노파크 전략산업기획단) ;
  • 정택영 (한국과학기술정보연구원) ;
  • 김병수 (전북대학교 경영학과) ;
  • 오현탁 (전북대학교 경영학과)
  • 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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