Corporate Transparency, Product Innovation, and Shareholder Value: Evidence from Korean Pharmaceutical Listings

• 영문명: Corporate Transparency, Product Innovation, and Shareholder Value: Evidence from Korean Pharmaceutical Listings
• 발행기관: 한국무역연구원
• 저자명: Moon Sub Choi Jong kuk Lee Joonho Richard Hwang Hwan oong Lee
• 간행물 정보: 『무역연구』제10권 제6호, 1~24쪽, 전체 24쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2014.12.31

영문 초록

By constructing a novel proprietary pharmaceutical database, we assessed whether the corporate transparency of Korean exchange-listed pharmaceutical companies affects event-study returns upon Korea Food and Drug Agency approvals of new drugs. The empirical findings are as follows: First, the evidence is that new drugs are priced in the announcement returns. Second, product innovation is appraised higher by the investors when the company is well-governed in terms of trading venue, R&D intensity, balance sheet variables, payout policy, valuation, and years of operation. Lastly, shareholders are wealthier with innovative new products promised by trustworthy managers.

목차

Abstract

Ⅰ. Introduction

Ⅱ. Theories and Hypotheses

Ⅲ. Data and Methodology

Ⅳ. Empirical Results

Ⅴ. Conclusion

References

키워드

Corporate Transparency Corporate Governance Product Innovation Stock Return Synchronicity Cumulative Abnormal Returns