자산처분기업의 장기 경영성과 : 유형자산과 투자자산을 중심으로

This study compares the long-term performance of opportunistic fixed asset disposal with that of opportunistic investment asset disposal. Fixed asset is possessed by the company for using operations while achieving interest income or dividend income is the purpose of holding investment asset. Therefore, negative performance of opportunistic fixed and investment asset will be different. In empirical results, we find that negative performance of fixed asset company is larger than that of investment company. Furthermore, negative performance of fixed asset company lasts longer than that of investment asset company. In addition, we show that negative effect of asset disposal is different by the earnings management interval. Opportunistic fixed asset company shows negative operating performance in all earnings management intervals while opportunistic investment asset company shows negative performance only in above small-zero earnings management interval. Our study has several contributions. Investors should be cautious asset disposal because asset disposal has a long and negative effect on company’s value. Regulators should strengthen company’s disclosure regarding asset disposal.