지배구조 우수기업 선정에 대한 시장반응

In this study we inveatigate the stock market response to the announcement of excellent firm in corporate governance structure by corporate governance service center(CGS). We hypothesize that a firm which have excellent corporate governance structure can raise firm value through rational decision making about management. Our research hypothesis is that stock market respond positively to the event date of being selected excellent corporate governance structure firm by CGS. In this study reseach objects consist of 57 security market listed firms and 44 kosdag listed firms. We employ event study methodology to verify search hypothesis. Our empirical results are as follows. The abnormal average excess returns surrounding the event date of announcing excellence in corporate governance structure by CGS are insignificantly positive. And cumulative abnormal average excess returns surrounding event windows are also insignificantly positive. Thus our research hypothesis is rejected. This mean that the announcement of excellence in corporate governance structure is no signalling effect on stock market. We suspect that these results are due to research objects which are already recognized as superiority firms in security market.