합병기업의 공시 및 규모효과

This study empirically analyzed the effect of scale on the merged firms along with the disclosure effect at the time of the merger disclosure using 280 samples of companies listed on the Korea Exchange's securities market from 2005 to 2016. The results of this study are as follows: First, the cumulative average return rate of a significant positive(+) relationship was shown at the time of disclosure of the merger sample (280 cases), which resulted in supporting the disclosure effect of the merger. Second, the results of the analysis by classifying the combined sample into sub-samples of large firms and small firms using the total assets and capital, the proxy variables of the firm size, are as follows: First, sub-samples classified according to the total assets showed a higher abnormal return rate for small firms samples than for large firms samples, and significant results were also shown in the difference between the means between the two samples. These results were significant not only in sub-samples classified according to the size of capital, but also in the difference in means between the two samples, where the small firms sample has a higher abnormal yield than the large firms sample. Therefore, it was found that both the total assets variable and the capital variable supported the effect of the firm size. Third, by analysing the independent variables that affect the cumulative average unusual return rate that could be found at the time of the merger disclosure, we observed a significant negative(-) regression coefficient with the total assets variable (TA), while a non-significant positive(+) regression coefficient with the capital variable (CAP). Therefore, the total assets rather than the capital was found to explain the firm size better.