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- 저자 : 오희장 ( O Hui Jang ) (검색결과 2 건)
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오희장 ( O Hui Jang ),남병탁 ( Nam Byeong Tag ),박승동 ( Park Seung Dong ) 한국경제학회 2003 經濟學硏究 Vol.51 No.2
In the viepoints that corporate name is related to the business strategy, this study is to analyze the business performance associated with corporate name changes and to determine the factors that explain this relationship. The sample used in this research consists of 137 firms, during ten years from 1990 to 1999. The event study methodology is used for the research. The results of this study can be summarized as follows: First, the corporate name changes had a significant effect on the increasing rate of sales after one year. Second, the firm that changed corporate name as Korean language had higher rate of exports than the firm named as foreign language. Third, the business performance of the firm with corporate name changes was responded differently by the characteristics of the firms. Namely, the higher the increasing rate of advertising expense was, the higher increasing rate of sales. And the higher dabt ratio was, the lower increasing rate of sales. Corporate strategists we hope find the findings of this study useful.
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오희장(O Hui Jang),현영하(Hyeon Yeong Ha) 한국경영학회 2003 經營學硏究 Vol.32 No.3
In the viewpoints that corporate name does related to the firms` value, this study is to analyze the information contents of corporate name changes and to determine the factors that explain. The sample of the study consists of 122 firms which changed their name during the period of eight years from January, 1990 to September 1997. The event study methodology is used. Noteworthy is that the abnormal stock returns in this study are generated by the unchanged adjusted model. The study finds that several factors of corporate name changes are associated with respective firms` abnormal returns of the stock price. First, the corporate name changes by and large were positively associated with the abnormal stock returns at announced day one(1), and during test period of -4 to +4 days(-4∼4). Second, the market responded differently to the motivation of the name changes. Name changes for the reasons of M&A nd for a new direction of corporate business, or for a new identity creating strategies were responded positively by the market at significant levels. Third, the market responded differently to the different language mix in changes of firm`s name, namely, Korean+ English. While name changes to Korean showed lower abnormal returns, name changes to Korean +English showed higher abnormal returns. Fourth, the market also responded differently to the name changes depending on the firms characteristics, i.e., the kind of industry the firm belongs, and the size of the firm. The market responded more positively to the firms in the wholesale and retail business than the firms in manufacturing and construction lines of business. The larger the size of the firm, the higher abnormal returns, for the firms that changed their name. Corporate strategists as well as investors we hope find the findings of this study useful. The unchanged adjusted model for computing the abnormal returns in this study is new and may shed new light to computing the abnormal returns for this type of research in the future among research analysts.
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