주식분할 공시에 대한 장·단기 효과

• 영문명: Short- and Long-Term Effects of Stock Split Disclosure: Exploring Determinants
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 이진훤 김경순
• 간행물 정보: 『아태비즈니스연구』제14권 제1호, 73~91쪽, 전체 19쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2023.03.30

영문 초록

Purpose - The purpose of this study is to re-examine the disclosure effect of stock splits and long-term performance after stock splits using stock split data over the past 10 years, and infer the motivation (signal or opportunism) of stock splits. In addition, we focus on exploring the determinants of the short- and long-term market response to stock splits. Design/methodology/approach - We measure the short-term market response to a stock split and the long-term stock performance after the stock split announcement using the event study method. We analyze whether there is a difference in the long-term and short-term market response to a stock split according to various company characteristics through univariate analysis and regression analysis. Findings - In the case of the entire sample, a statistically significant positive excess return is observed on the stock split announcement date, and the excess return during the 24-month holding period after the stock split do not show a difference from zero. In particular, the difference between short-term and long-term returns on stock splits is larger in companies with a large stock split ratio, small companies, large growth potential, and companies with a combination of financial events after a stock split. Research implications or Originality - The results of this study suggest that at least the signal hypothesis for a stock split does not hold in the Korean stock market. On the other hand, it suggests that there is a possibility that a stock split can be abused by the manager's opportunistic motive, and that this opportunism can be discriminated depending on the size of the stock split, corporate characteristics, and financing plan.

목차

Ⅰ. 서론

Ⅱ. 주식분할의 효과를 분석한 국내 선행연구 동향

Ⅲ. 실증분석결과

Ⅳ. 결론

References

키워드

Stock split Disclosure effect Long-term performance Opportunism Determinant