설비투자가 기업지배구조에 따라 주식수익률에 미치는 영향

Corporate governance is a mechanism to coordinate the economic activities of enterprises and perform for minimizing agency and transaction costs due to conflicts of interest among the various stakeholders in order to maximize the firm value. Good corporate governance system can reduce the information asymmetry between the manager and shareholders, and allocate resources of high net present values with the reaction of the market. While corporate capital investments are the very important decisions in order to maintain the growth and survival, large cash outflow due to the capital investments could have a significant impact on the financial strength of the firm. In a related study, positive effects were found to disclose the amounts of the capital investments with the level of production expansion and productivity improvement situation. The main purpose of this study is to empirically investigate the effect of corporate capital investments on stock returns by corporate governance. The samples of 586 firms were analyzed over a period of 8 years from 2000 to 2007. The results show that stock-price responses to announcements of capital investments are significantly positive on average, particularly for the group of firms with high corporate governance index and for the non-chaebol group of firms. Further, we find that investment motives, dividend decision, and ownerships have insignificant effects on the abnormal stock returns.