코스닥시장에서 기업분할이 주주의 부에 미치는 영향

Firms not only acquire business, but also sell them. In recent years the number of divestitures has been about half the number of mergers in developed countries. Probably the most frequent motive for corporate divestitures is improved efficiency. If each business must stand on its own feet, there is no risk that funds will be siphoned off from one in order to support unprofitable investments in the other. The purpose of this paper is to examine parent firms` stock price reactions around corporate divestiture announcements of 37 firms during the period 2001.1～2004.12. in KOSDAQ market. To determine the abnormal return(AR) around corporate divestiture announcement date, we use the method of OLS market model. In this research, 37 divestiture firms in KOSDAQ market are divided into 13 of spin-off firms and 24 of equity carve-out firms. And in the aim of corporate divestiture, also 37 sample firms divided into 16 of profit improving aim and 21 of specialization of business line aim. The evidence from this study is as following. First, In KOSDAQ market, cumulative abnormal return of corporate divestiture announcements does not support the hypothesis of positive effect on the stockholder wealth. Second, the results of investor show slightly different pattern in CAR between corporate divestiture method. Third, the movement of CAR shows also slightly different pattern between corporate divestiture objects. Finally, further research on the possible relationship between firm size, corporate divestiture, and abnormal return is undoubtedly necessary.