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Korean J Financ Stud > Volume 46(3); 2017 > Article
Korean Journal of Financial Studies 2017;46(3):687-722.
DOI: https://doi.org/10.26845/KJFS.2017.06.46.3.687    Published online June 30, 2017.
Analysis of the Hidden Champion Policy in Korea
Jaeuk Khil, Song Hee Kim, Eun Jung Lee
강소기업을 위한 히든챔피언 선정 효과에 관한 연구
길재욱, 김송희, 이은정
한양대학교
Abstract
The purpose of the paper is to explore whether the selected hidden champion SMEs show better financial performance in their industries compared to the other SMEs selected by PSM method in the market. Their stock market responses are also analyzed by the traditional event study methodology.
Empirical findings show that the financial performance of the hidden champion SMEs are not significantly different from those of the other selected SMEs in the short-term as well as in the long-term. Even though stock market responses to news of hidden champion SMEs turn out to be somewhat positive in the day of event, they do not persist and soon disappear. Also long-term responses to news of hidden champion SMEs do not seem to be positive whereas prior annual holding period returns of hidden champion SMEs are positive. The result indicates that there should be some remedies in post evaluation and monitoring of the hidden champion SMEs as well as in the selection process.
Key Words: 히든챔피언 선정제도,중소기업,경영성과,이중차분법(DID),사건연구(Event Study),Hidden Champion Policy,SMEs,Financial Performance,DID,Event Study
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