글로벌 금융위기 동안 안정적인 소유구조가 기업가치에 미치는 영향에 관한 연구

This study analyses the effects of stable ownership on the firm value for sample of Korean firms during the global financial crisis(GFC). We use the changes in blockholder ownership as the proxy of stable ownership, also use holding period return and average stock return as the proxy of firm value. This study use the GFC(2008) as an exogenous shock, pre-GFC periods(2007) and post-GFC(2009) as benchmarks. The empirical findings of this paper are as follows. First, we find that firms with more stable ownership experienced nonsignificantly positive relation to higher stock returns during GFC. This suggest that there is no relationship between ownership stability and stock return during the global financial crisis. Second, We do not find any significant relationship between our ownership measures and the stock return during pre-and post-crisis periods. This suggests that either investors do not value stable ownership outside of crisis, or stock prices already incorporate the value of ownership stability as perceived by investors before the crisis. And it shows that the firms with less ownership stability experiencing larger selling pressure are unlikely to drive the crisis period results for the recovery period.