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Product Market Competition, Business Groups, and Stock returns
Doowon Ryu(류두원) 한국경영학회 2017 한국경영학회 통합학술발표논문집 Vol.2017 No.08
This paper empirically shows that stock returns of firms in business groups are significantly lower than nonbusiness group firms when the product market competition increases. Using the U.S.-Korea Free Trade Agreements as an exogenous shock, we examine the effect of the changes in product market competition on the stock returns of business groups. Difference-in-difference-in-differences estimations support the casual impact of product market competition on stock returns of business groups. Overall, the results support the creative selfdestruction theory for stock returns. Moreover, we suggest evidence that large business groups, such as chaebol may can reduce the external risk through the internal capital market.
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국제 전략적제휴가 기업성과에 미치는 영향: 회계적 변수를 기반으로 한 제휴유형간 차이 분석을 중심으로
류두원 ( Doowon Ryu ),나원찬 ( Wonchan Ra ) 한국국제경영학회 2017 國際經營硏究 Vol.28 No.1
본 논문은 최근 전세계적으로 활발히 실시되고 있는 국제 전략적제휴가 그 유형에 따라 기업성과에 미치는 영향이 차이가 있는지에 대하여, 외국기업과 국제 전략적제휴를 맺은 국내 상장기업을 대상으로 분석한 실증연구이다. 기존 문헌을 바탕으로 지분제휴, 비지분제휴, 합작기업설립, 라이선싱, R&D제휴 등이 기업성과에 미치는 영향의 차이에 관한 연구가설을 설정하고 최근 전략적 제휴 연구에서 가장 적절하고 신뢰할 수 있는 성과측정 변수로 평가되는 회계적 성과변수를 기반으로 국내기업과 외국기업 간의 국제 전략적제휴에 관한 2차 자료를 이용하여 실증분석을 실시하였다. 그 결과 선행연구에서 제시된 바와는 다르게 지분제휴가 비지분제휴에 비하여 기업성과에 미치는 영향이 더 긍정적이라고 할 수 없었으며, 무엇보다도 R&D 제휴가, 합작기업설립이나 라이선싱제휴에 비하여 기업성과에 더 긍정적인 영향을 미친다는 것을 밝혔다. 즉, 국제 전략적제휴의 유형별로 기업성과에 미치는 영향에 유의한 차이가 있음을 제시한다. This paper investigates whether international strategic alliances have a different effect on firm performance by alliance type. Specifically, this paper focused on typical alliances such as equity alliances, non-equity alliances, joint ventures, R&D alliances and licensing. Four hypotheses were established regarding the differences of their effects on firm performance between equity and non-equity alliances, between joint ventures and R&D alliances, between joint ventures and licensing, and between R&D alliances and licensing. An empirical test of these hypotheses was conducted using data on the alliances between Korean and foreign firms. In doing so, this paper utilized accounting-based independent and dependent variables which Christoffersen (2013) and Christoffersen et al. (2014) have suggested were most relevant. The test results indicate that contrary to conventional belief, equity-based alliances have not shown a larger effect on firm performance than non-equity based ones and that R&D alliances had the most significantly positive effect on firm performance among diverse types of alliances.
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류두원(Doowon Ryu),류두진(Doojin Ryu),양희진(Heejin Yang),홍기택(Kyttack Hong) 한국경영과학회 2015 한국경영과학회지 Vol.40 No.4
Through the event study methodology and the case study on the Company T and its subsidiaries, this study analyzes the effect of credit rating downgrade in the Korean stock market. Our empirical results cast some doubts on whether credit rating agencies made adequate credit rating adjustments on the Chaebol companies, and suggest that little information was provided to the bond market investors. This study provides some policy implications by recommending that regulators encourage credit rating agencies to provide more accurate and appropriate information to market participants.
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류두원(Doowon Ryu),류두진(Doojin Ryu),황준호(Joonho Hwang) 한국경영학회 2017 經營學硏究 Vol.46 No.4
Recently, corporate social responsibility (hereafter, CSR) of firms has become an important topic in all fields of business. The topic takes a greater importance in Korea which has accomplished rapid economic growth mostly from large companies. There are two opposing views, both theoretically and empirically, on the role of CSR. The first is the value-enhancing view of CSR, which argues that CSR activity is a positive NPV investment thus increasing firm value. A possible channel for this role of CSR is that so long as CSR promotes wealth increase of some stakeholders, these stakeholders will support the firm’s other business activities and contribute to the firm’s performance. The other view is the expense view of CSR, which argues that CSR is a manifestation of an agency problem and thus hurts firm value and shareholders’ wealth. Based on the expense view of CSR, managers can exploit CSR at the expense of shareholders in order to gain good reputation from other stakeholders. Based on these two opposing views of CSR, this study empirically examines the CSR activities of Korean firms in relationship to the degree of product market competition and the amount of R&D investment. As a proxy of CSR activity, we use the KEJI index provided by CCEJ as the dependent variable. Other main variables of this study are HHI (Herfindahl-Hirschman Index) to measure the degree of product market competition, and the amount of R&D investment, leverage and free cash flow of firms. Using firms listed in the Korea Exchange and those that are in the manufacturing industry, we perform various regression analyses including the Fama-MacBeth cross sectional regressions. The sample period of the study is between January, 2009 and December, 2015. Our main results of the empirical analyses are as follows. First, the degree of product market competition has a positive impact on the amount of CSR activities. This result supports the value-enhancing view of CSR. Second, the size of R&D investment also has a positive effect on the amount of CSR activities. This result supports the expense view of CSR. Third, the result with respect to the leverage and free cash flow variables, which are proxies of agency cost, is consistent with the expense view of CSR. Overall, results are more supportive of the expense view of CSR compared with the value-enhancing view of CSR. This implies that the CSR activies of Korea firms can be another showing of agency problem.
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배당과 기업가치: 2008년 글로벌 금융위기를 중심으로
최희정(Heejung Choi),류두원(Doowon Ryu) 한국경영학회 2019 經營學硏究 Vol.48 No.5
We investigate the effect of the 2008 global financial crisis on the dividend policy and corporate value of domestic firms in Korea. We devise our hypothesis based on the dividend signaling theory, dividend clientele effect, and catering theory of dividends. To test our hypothesis, we conduct an empirical analysis of listed domestic firms from 2001 to 2016. First, we find a reduction in dividends of domestic firms during the financial crisis. Second, we provide evidence that during the crisis, the positive relationship between dividend and firm value is lessened. Third, the relationship is intensified after the crisis. Overall, these results are consistent with the dividend signaling theory and catering theory of dividends, and partially consistent with the dividend clientele effects.
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