기업분할에 따른 주주의 부의 단기성과에 관한 연구 - 유가증권시장과 코스닥시장의 비교분석 -

This paper is to examine valuation effects of voluntary divestiture on stockholder wealth in a short term. We construct samples of announcement of voluntary corporate divestiture over the period 2000 through 2012. We require that the data of the relevant entity directly lists on KOSPI and KOSDAQ, which entails a corporate information concerning corporate divestiture that is available to investors. For the sample of divestiture, the public notice and information from KRX(Korea Exchange), FSS(Financial Supervisory Service) and Fn-Guide are used to obtain data information about these events and firms. Consequently we acquire the number of samples with 302 event cases in total. Our findings on research are summarized as follows. First, according to examination of samples in response to market type, CAAR in KOSPI is negative, but CAAR in KOSDAQ is positive before and after announcement of divestiture. Second, in the analysis of effects in response to the type of corporate divestiture, in KOSPI, CAAR of material divestiture shows not significant trend, but CAAR of human divestiture shows negative trend continuously. In KOSDAQ, CAAR of material divestiture is not statistically significant, but CAAR of human divestiture shows statistically significant level of (+)CAAR. Third, in the analysis of effects of corporate divestiture based on a category of business items, in KOSPI, CAAR of both own industry divestiture and cross industry divestiture are generally negative through the whole event time. In KOSDAQ, CAAR of own industry divestiture is not significant, but CAAR of cross industry divestiture shows positive trend. It means that the specialization by cross industry divestiture is accepted as favorable news in KOSDAQ.