기업분할의 목적에 따른 공시효과 분석

This paper studies the disclosure effects on corporate divestiture in Korea and comparesvaluation effects of corporate divestiture methods such as spin-offs and physical divisionswhile determining the causes. Event study methodology and cross-sectional regressionanalysis are used in the empirical analysis of this paper. Major findings include the following : First, the disclosure effect of physical divisions wasfound to be smaller than those of spin-offs. Second, Many spin-offs occur because of financialproblems but most physical divisions occur because of a business portfolio restructuring. Third, the greatest disclosure effect of spin-offs is attributed to a business portfoliorestructuring. Lastly, the study concludes that the disclosure effect is related to somecorporate characteristics or variables such as size, leverage, return on assets and the rate ofequity provided by foreign corporate owners.