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강호상(Ho Sang Kang),성용모(Yong Mo Sung) 한국경영학회 1994 經營學硏究 Vol.23 No.3
본 연구는 한국기업들의 해외기업인수에 따라 한국기업의 株主들이 갖게되는 超過收益率의 방향과 크기를 측정하고, 인수기업간의 초과수익율 차이에 영향을 미치는 외생적 설명요인이 무엇인지를 분석하였다. 분석결과 해외기업을 인수한 국내기업들은 (-)의 平均超過收益率을 얻는 것으로 나타났다. 이것은 국내투자자들이 국내기업의 해외기업인수에 대하여 전반적으로 바람직하지 않게 생각하고 있음을 보여준다. 인수기업의 累積超過收益率은 인수기업에 대한 인수대상 기업 總資産의 상대적 비율과는 (-)관계, 인수기업 業種과 다른 업종의 기업인수와는 (-)관계, 인수대상기업국에 진출하지 않은 경우와는 (-)관계, 인수대상기업 경영자가 引受提議에 대해 반대한 경우와는 (+)관계가 있음을 보여주었다. 10% 유의수준에서 업종에 의한 인수형태 변수만이 통계적 유의성이 있었다.
강호상(Ho Sang Kang),성용모(Yong Mo Sung) 한국경영학회 1996 經營學硏究 Vol.25 No.4
The number of international merger & acquisitions (M&A) by Korean firms has been increasing in recent years. International M&A are one form of foreign direct investment and also one extension of the domestic M&A into the international environment. This study examines the specific characteristics of the acquiring firms through the use of logistic regression to determine if general characteristics exist for a acquiring firm. The sample analyzed in this study contains Korean firms engaged in international acquisitions over the ten year period from 1986 through 1995. The data were drawn from public announcements of proposals to acquire a foreign target firm abroad. The sample contains completed transactions, and the firms included in it are listed on the Korea Stock Exchange. To estimate the parameters of logit equation, we use a matched sample of acquiring and nonacquiring firms. The prediction results are powerful. The model correctly classified 79.58 percent of the observations into the acquiring or nonacquiring categories. Two of the variables are significant at 90 percent confidence : previous acquisition experience and firm size. The results indicate that a firm with previous acquisition experience and large firm size has a probability of being a acquiring candidate. There are many aspects for further research in these areas, when the data on international M&A by Korean firms is more widely available.
강호상(Ho Sang Kang),성용모(Yong Mo Sung) 한국경영학회 2000 經營學硏究 Vol.29 No.1
This paper makes empirical test directed towards establishing the joint of Firm-specific advantages, Country characteristics and Global strategic considerations in choosing Korean firms` foreign market entry mode. This is done based on 100 responses to a survey questionnaire concerning their entry mode decision experiences. Through the use of logit model, the results suggest that in case of choosing export or FDI mode an incorporation of global strategic variables with an analysis of the entry mode choice is warranted.