대표자변경이 주가에 미치는 영향에 관한 연구

The essence of corporate control includes the hiring and firing of key managers. A significant event in any business organization is the replacement of its chief executive. Because the chief executive of an organization may possess a disproportionate share of influence and power, a change in chief executives can signify important changes in the policies and strategies of a corporation. The purposes of this study are to examine abnormal stock returns associated with announcements of change of CEO and to find the factors that determine the abnormal stock returns of firms that traded on the Korea Stock Exchange and KOSDAQ during 2004-2006 by multi-regression analysis. The findings of empirical study can be summarized as follows : First, There are abnormal stock returns with announcement of change CEO in value-weight market index and equally weighted market index in the Korea Stock Exchange and KOSDAQ statistically significant level. Also, CAAR were found positive effect after event day. This evidence implies that change CEO is regarded as favorable to the evaluation of firm value by investor. Second, the empirical results of multi-regression run reveal performance (net income/sales) variable effect to AR negatively in the Korea Stock Exchange. But mixture of negative and positive in KOSDAQ. Also, Organizational size and origin effect negatively to 8 day before announcement in the Korea Stock Exchange and size effect negatively to 9 day after announcement in KOSDAQ.