합작투자는 기업가치를 증가시키는가?
Do joint venture create value?
박준우(문경대학)
15권 2호, 453~475쪽
초록
This study investigates the effect of joint venture in companies. To analyze the short-term abnormal stock reterns of joint venture, sample is 86 listed firms from 1988 to 1997. Using the market model and market adjusted model window is for event day －20 to +20. It is estimated that cumulative abnormal retern increses significantly from －4day to +5day in market adjusted model. Also, to find the determinants of cumulative abnormal retern in financial factor, it is used regression analysis. It is found that ROI are significantly correlated with negative sign. By ROE and ROA, investigated the past operating performance of joint venture company. As a results, It is estimated that ROE and ROA are substantially decreased for 3 years.
Abstract
This study investigates the effect of joint venture in companies. To analyze the short-term abnormal stock reterns of joint venture, sample is 86 listed firms from 1988 to 1997. Using the market model and market adjusted model window is for event day －20 to +20. It is estimated that cumulative abnormal retern increses significantly from －4day to +5day in market adjusted model. Also, to find the determinants of cumulative abnormal retern in financial factor, it is used regression analysis. It is found that ROI are significantly correlated with negative sign. By ROE and ROA, investigated the past operating performance of joint venture company. As a results, It is estimated that ROE and ROA are substantially decreased for 3 years.
- 발행기관:
- 대한경영학회
- 분류:
- 경영학