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The Impact of Acquirer Size Effect on Asymmetry Information
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정보비대칭과 합병기업의 규모효과

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Type
Academic journal
Author
Young Na (중앙대학교) Hee Seong Roh (중앙대학교)
Journal
Korean Academic Society Of Business Administration korean management review Vol.48 No.3 KCI Excellent Accredited Journal
Published
2019.6
Pages
615 - 651 (37page)
DOI
10.17287/kmr.2019.48.3.615

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The Impact of Acquirer Size Effect on Asymmetry Information
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Until now, the size effect of merger firms has been analyzed as the anomaly of the stock market through many studies. However, there is no study on the effect of information asymmetry on the size effect of merger firms. In this study, we examine whether there is the size effect of merger firms. Furthermore, we find that the main cause of merger firms’ size effect is information asymmetry, and the difference of information asymmetry by company size and stock market is one of various different causes.
In this study, among the listed companies in Korea Stock Exchange (KSE) from 2003 to 2017, 385 samples are selected for closing date of the fiscal year-December firms. The dependent variable is the cumulative average excess return for five days before and after the merger disclose date for examine whether there is a difference in the results of the hypothesis testing according to the accumulation period. In addition, independent variables are firm size and stock market dummy variable. Also, information asymmetry variables are stock volatility and stock trading volume turnover rate, and we analyze whether the difference in information asymmetry by firm size and stock market size variable can further explain the size effect of merger firms.
The results of the study are summarized as follows: When the size effect of the merged firm is set as the market capitalization of the previous year, it can be find that the size effect of the merged firm is existence. However, dividing them into stock markets did not find a size effect. In addition, it can be find that the difference in information asymmetry between firms and their stock market is one of the various reasons for explaining the size effect of merged firms.
The results of this study, for which we analyze whether information asymmetry by firm size is the cause of the merger firm size effect, suggesting the followings. First, from 2003 to 2017, the size effect of merger firms exist to domestic listed firms. Second, the size effect of merger firms, which is an anomaly of the stock market, can be explained by the differences of information asymmetry due to firm size and stock market. This suggests that the difference in information asymmetry between firm size and stock market is the main cause of the size effect of merger firms. The results of this study are expected to be useful information for subsequent researchers to study the size effect of merger firms.
#합병기업 #규모효과 #시장반응 #정보비대칭 #Merger Firms #Acquirer Size Effect #Market Response #Information Asymmetry

Contents

Ⅰ. 서론
Ⅱ. 이론적 배경
Ⅲ. 가설전개
Ⅳ. 연구모형
Ⅴ. 실증분석결과
Ⅵ. 요약 및 결론
참고문헌
Abstract

References (58)

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강효석 / 2009 / 인수합병 공시가 인수기업의 주주에 미치는 영향 / 재무연구 22(3):73~112 dbpia 강효석 / 2010 / 코스닥기업의 인수합병이 인수기업의 경영성과에 미치는 영향 / 한국증권학회지 39(2):191~223 dbpia 고강석 / 2012 / 한국주식시장의 시가효과에 관한 연구 / Journal of The Korean Data Analysis Society 14(1):367~378 dbpia 김도연 / 2017 / 공정공시 수준이 투자효율성에 미치는 영향 / 회계정보연구 35(1):311~335 dbpia 김병진 / 2014 / 다각화 디스카운트의 성장동력 변수로서의 자기자본수익률 / 한국재무학회 학술대회 :325~353 google schola

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