특수관계자 거래가 주가급락에 미치는 영향

• 영문명: The Effect of Related Party Transactions on Crash Risk
• 발행기관: 한국유통과학회
• 저자명: 유혜영(Hae-Young Ryu)
• 간행물 정보: 『산경연구논집(JIDB)』Volume.9 No.6, 49~55쪽, 전체 7쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2018.06.30

영문 초록

Purpose – This paper examines the effect of related party transactions on crash firm-specific stock price crash risk. Ownership of a typical Korean conglomerate is concentrated in a single family. In those entities, management and board positions are often filled by family members. Therefore, a dominant shareholder can benefit from related party transactions. In Korea, firms have to report related party transactions in financial statement footnotes. However, those are not disclosed in detail. The more related party transactions are the greater information risk. Thus, companies with related party transactions are likely to experience stock price crashes. Research design, data, and methodology – 2,598 firm-year observations are used for the main analysis. Those samples are from TS2000 database from 2009 to 2013, and the database covers KOSPI-listed firms in Korea. The proxy for related party transactions (RTP) is calculated by dividing total transactions to the related-party by total sales. A dummy variable is used as a dependent variable (CRASH) in the regression model. Logistic regression is used to explain the relationship between related party transactions and crash risk. Then, the sample was separated into two groups; tunneling firms and propping firms. The relation between related party transactions and crash risk variances with features of the transaction were investigated. Results – Using a sample of KOSPI-listed firms in TS2000 database for the period of 2009–2013, I find that stock price crash risk increases as the trade volume of related-party transactions increases. Specifically, I find that the coefficient of RPT is significantly positive, supporting the prediction. In addition, this relationship is strong and robust in tunneling firms. Conclusions – The results report that firms with related party transactions are more likely to experience stock price crashes. The results mean that related party transactions increase the

목차

1. 서론

2. 선행연구 고찰 및 연구가설

3. 연구방법론

4. 검증결과

5. 결론

6. References

키워드

Related Party Transaction Stock Crash Risk