기업합병의 상대적 규모효과의 존재에 관한 연구

In this paper, I investigate the effect of mergers on the acquiring firm, listed on the KSE or KOSDAQ market, by the relative size of the target. I examine 353 mergers from 1991 to 2006. Measuring the effect of the target relative size, I controlled the type of listed markets(KSE or KOSDAQ) and whether a target is private. Furthermore, I added control variables such as transaction value, target's share after merger, and acquirer's share prior to merger announcement, which are first considered in studying the effect of the relative size all over world. My major findings are summarized as follows: First, I find the acquirer group with the high target relative size gets better returns than group with the low. Second, I show that the gains from mergers by the target relative size are higher when the merging firm is listed on the KSE market instead of KOSDAQ market and when it merges a private target. Third, I find that the high relative size merging group has a positive relationship with higher target's share after merger, higher merging transaction value, and lower acquirer's share for merger before announcement. Fourth, I find that the acquiring gain has the significant relationship with the relative size dummy variable, not with the relative size value from a cross-sectional regression. This means that the merger performance is not proportional to the relative size, in other words, the effect of the relative size on the acquiring firm gains depends on whether or not the relative size is greater than a median value to any extent.