Mergers & Acquisitions을 통한 현지화 전략: CJ대한통운의 동남아시아 물류 시장 진출 사례 연구

This study investigates whether the higher foreign ownership enhances the efficiency of stock pricing in the Korean stock market. I set variance ratio, which Lo and MacKinlay(1988) firstly used, as a proxy variable for the efficiency of stock pricing. Moreover, I use a degree of delayed stock pricing, which Hou and Moskowits(2005) suggested, as another proxy for the inefficiency of stock pricing. According to empirical investigation, I find that the higher foreign ownership drives the variance ration to one(unity), lessens the degree of delay on the stock pricing. For a robustness check, I set skewness as another dependent variable for the panel regression model. The empirical result shows that the higher foreign ownership reduces the skewness of individual stock returns. Moreover, these findings are robust when the Arelleno and Bond(1991)’s dynamic panel GMM method is used to control endogeneity problem. After all, the above results mean that the higher foreign ownership enhances the stock pricing efficiency, and thus these results are linked to the previous literature which insists that the foreign investor as a good external governance should be set up necessarily in the emerging markets.