합병·피합병 및 계열·비계열 M&A 성과연구

An Empirical study on the Performance for both Merging vs Merged Firms and Related vs Non-related M&A in Korea The purpose of this study tests the performance analysis of M&A types in Korea based on samples 123 M&A relating firms during the period from 1990 to 1997. For this purpose, this paper has set two hypotheses and tested by analyzing those abnormal average return(AAR) and cumulative abnormal average return(CAR) employing both market model(model-I) and market adjusted model(model-II). In this study, we empirically compared and investigated the impacts and effects of M&A according to M&A types of 1990s (1990-1997) in Korea, Especially focusing on both the merging versus the merged firms and the related versus the non-related corporations' M&A. The purpose of this study tests the performance analysis of M&A types in Korea based on samples 123 M&A relating firms during the period from 1990 to 1997. For this purpose, this paper has set two hypotheses and tested by analyzing those abnormal average return(AAR) and cumulative abnormal average return(CAR) employing both market model(model-I) and market adjusted model(model-II). In this study, we empirically compared and investigated the impacts and effects of M&A according to M&A types of 1990s (1990-1997) in Korea, Especially focusing on both the merging versus the merged firms and the related versus the non-related corporations' M&A. As a conclusion, the empirical results of this study show that we can support hypotheses set by this paper including between merging and merged M&A, related and non-related M&A.