최고경영자 교체공시와 주가반응

다국어 초록 (Multilingual Abstract)

The objectives of this study are to examine abnormal stock returns associated with announcements of top management changes and to determine the factors that explain abnormal stock returns. This study is conducted using a standard event study methodology and multiple regression analysis. The results of this study can be summarized as follows: First, the announcements that predecessor is not employed as top management by another firm are associated with significantly negative abnormal stock returns. An average abnormal return for two day announcement period and ten trading days starting from day -1 to day +8 are respectively -0.880%(t=-2.921) and -1.746%(t=-3.179) which are significantly different from zero at 0.01 level. This result suggests that announcements that predecessor is not employed as top management by another firm convey bad news to the market that the firm`s performance was worse than the market has realized. However, the announcements that predecessor is employed as top management are associated with insignificant abnormal stock returns. This result suggests that announcements that predecessor is employed as top management do not convey bad news to the market. Second, cumulative abnormal stock returns are positively related to the relative size of predecessor`s performance to industry average, firm size and dummy variable that represents the disposition of predecessor. However the dummy variables that represent the origin and ability of successor are not related to cumulative abnormal stock returns. This result suggests the origin and ability of successor do not have the information contents in Korea stock market.