최대주주 변경의 유형이 기업위험에 미치는 영향 = The Effect of the Type of Largest Shareholder Change on Firm Risk

다국어 초록 (Multilingual Abstract)

The purpose of this study is to analyze the effect of the largest shareholder change type on the corporate risk of KOSPI and KOSDAQ listed on Korea Exchange(KRX) from 2000 to 2015. Specifically, this study empirically analyzes hypotheses using the method of least squares regression and substitution variables used in Kothari et al. (2009) and Botosan (2011). The main results of this study are as follows. First, firms with the largest shareholder change more than two times during the accounting period showed higher enterprise risk than those without. This means that in the press release of the Financial Supervisory Service(FSS) in 2016, an empirical analysis suggests that the largest shareholder fluctuations frequently lead to a higher investment risk. Second, firms with the largest shareholder change as corporation shareholders showed higher enterprise risk than those without. As the largest shareholder in the corporate shareholder is a private shareholder, most of the shareholders are considering the investment rather than establishing the management rights. The previous study has the limitation that it can not generalize to the whole market by presenting empirical analysis results for KOSDAQ companies and some sample firms. However, this study conducted an empirical analysis that the type of the largest shareholder change affects the market risk of the listed companies of KOSPI and KOSDAQ companies. This contributed to the fact that it confirmed the additional informational role of Korea Investor's Network for Disclosure System (KIND). In addition, this study suggests that the largest shareholder of a listed company needs strong legal sanctions for disclosure of the largest shareholder change.

참고문헌 (Reference)

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