코스닥기업의 경영의사결정이 주주의 부에 미치는 영향: IR공시와 자사주취득공시 비교분석

This paper has delivered the empirical research about the influence of recognized ‘good news’ disclosure of IR and treasury stock repurchase on wealth of shareholders. In particular, the research focus falls on reacting pattern of wealth of shareholders as the disclosure relating to intrinsic characters (size of firm, kinds of firm, governance structure) and external environments such as bull-bear market went on from 2005 and 2014 for ten years, targeting on 1,469 listed companies disclosed major management issues. The followings are the research results. First, by standing on sample of large companies, acquiring treasury stock have the bigger impacts on the wealth of shareholders than IR activities. However IR activities show the bigger impact on the wealth of shareholders under the bull market. Second, this research could not find any significant difference as to the pattern of managerial decision making among venture companies. Meanwhile, this research found that resolving information asymmetry could trigger the stock price increasing in bull market. In conclusion, in general, acquiring treasury stock play more effective role in triggering up the stock price comparing to IR activities. However, this research delivered a significant implication of proposing appropriate managerial decision making timing and pattern fitting along to intrinsic characters of firm.