합병기업 규모효과와 상대적 규모효과의 상호통제에 의한 합병성과 분석

This study investigates whether the relative size between an acquiring firm and an acquired firm affects the performance of the acquiring firm in a merging deal after controlling the size effect. The topic is important because the relative size effect helps to find out the whether the acquiring firms merged target firms of which size is less than the optimal relative size. The abnormal return and the dollar abnormal return in local currency are used to measure the performance of an acquiring firm in a merging deal. The data set consisted of 359 merging cases conducted in Korean market from 1991 to 2006. The major findings are summarizes as follows: First, it is found that there exist the size effect after controlling the relative size effect and the relative size effect after controlling the size effect based on the abnormal return method. Second, when the merging performance is measured by the dollar abnormal return, there is the strong relative size effect while the size effect disappears. These findings implies that the acquiring firms have an inclination to select target firms less than the optimal relative size in merging deals. In addition to these results, the results of the previous studies measuring the performance of merging deals based on only the abnormal returns have to be reviewed from the point of view which is based on the dollar abnormal return.