글로벌금융시대의 투자자 정보불균형 해소에 따른 기업성과에 대한 연구

• 영문명: A Study on the Firm Performance Following the Resolution of Investors Information Asymmetry in the Globalized Financial Market
• 발행기관: 한국통상정보학회
• 저자명: 김규형(Kyu-Hyong Kim) 박상안(Sa-Ngan Park)
• 간행물 정보: 『통상정보연구』제7권 제4호, 1~23쪽, 전체 23쪽
• 주제분류: 사회과학 > 무역학
• 파일형태: PDF
• 발행일자: 2005.12.30

영문 초록

One aspect of the globalization of the financial market after the 1980s is represented by the concurrent monetarization of the national stock markets. As the IR activity is regarded as a new financial productivity measure, the IR activity in the stock market is being emphasized domestically and internationally. This study analyzes domestic IR activities and compares them with foreign IR activities. Specifically the “road show”, a typical IR activity, which is known to resolve the information asymmetry between the firm and the investors is analyzed to see the extent of the their value increase impact on the firm. The study employs domestic and international firms that publicly announced “road shows” after April 2004. Event studies are done to see the existence of abnormal return after the public announcement of road shows. Domestic firms were found to have positive IR impacts on the stock prices, but international firms were found to have negative IR impacts on the stock prices. Also it was found that international public announcement of the road show have stronger positive impact on the stock price than domestic public announcement. The investigation of the statistically significant difference of CAR before and after the fair public announcement enforcement rule showed that the positive CAR impact is strengthened after the adoption of the rule. The conclusion is that increase of the firm value after the road show implies that the information asymmetry is reduced by the active IR actions on the firm side. The policy implication is that we have to reassure the understanding of the role of the IR activities. Specifically Korean firms may have to encourage IR activities to share the information of the firms with the investors, which may result in the trustworthy relationship between the firms and investors.

목차

Ⅰ. 서론

Ⅱ. 선행연구의 비교분석

Ⅲ. 연구모형의 설정과 가설

Ⅳ. 실증분석의 결과와 시사점

Ⅴ. 요약 및 결론

참고문헌

Abstract

키워드

Investor Relations(IR) event study information asymmetry