| The Effect of Managerial Decision Making on the Shareholders Wealth in KOSDAQ: Disclosure of IR and Stock Repurchase |
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Jong Seon Kim, Chul Joong Kim, Se Heon Yoon |
| 코스닥기업의 경영의사결정이 주주의 부에 미치는 영향 |
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김종선, 김철중, 윤세헌 |
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| Abstract |
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This paper has delivered the empirical research about the influence of recognized `good news` disclosure of IR and treasury stock repurchase on wealth of shareholders. In particular, the research focus falls on reacting pattern of wealth of shareholders as the disclosure relating to intrinsic characters (size of firm, kinds of firm, governance structure) and external environments such as bull-bear market went on from 2005 and 2014 for ten years, targeting on 1,469 listed companies disclosed major management issues. The followings are the research results. First, by standing on sample of large companies, acquiring treasury stock have the bigger impacts on the wealth of shareholders than IR activities. However IR activities show the bigger impact on the wealth of shareholders under the bull market. Second, this research could not find any significant difference as to the pattern of managerial decision making among venture companies. Meanwhile, this research found that resolving information asymmetry could trigger the stock price increasing in bull market. In conclusion, in general, acquiring treasury stock play more effective role in triggering up the stock price comparing to IR activities. However, this research delivered a significant implication of proposing appropriate managerial decision making timing and pattern fitting along to intrinsic characters of firm. |
| Key Words:
의사결정,자사주취득,주주의 부,코스닥상장법인,Decision Making,IR Activities,IR활동,KOSDAQ,Shareholders Wealth,Stock Repurchase |
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