상호변경의 재무적 시너지 효과: 상호변경이 재무적 제약을 완화시키는 효과가 있는가?

This study investigates the effect of the corporate name change strategy on financial constraints of Korean listed companies. In Korea, there are a number of studies on the corporate name change, but there is no study to be found that empirically reveals the relationship between the corporate name change and the financial constraint. Therefore, this study empirically analyzes whether the corporate name change strategy could be a strategy to improve financial constraints on Korean listed companies. We estimate models using a firm-year data set from listed firms in Korea from 2010 to 2020. The results are as follows. First, it is found that the corporate name change strategy improves the financial constraint of the company. The financial constraints after the corporate name change are statistically significantly more positive than those before. These results appear the same in the KOSPI market and the KOSDAQ market. Second, it is found that there are statistically significant differences among the groups divided into three groups according to the level of financial constraints before the corporate name change. Also their financial constraints improve after the name change. In particular, it is confirmed that the degree of improvement in financial constraints of the groups with low levels of financial constraint is statistically significantly positive. In addition, for the robustness of the research model, a robust analysis is performed to solve the potential endogeneity problem of key control variables, and we obtain qualitatively the same results. Therefore, this study proves through empirical analysis that the corporate name change strategy is effective in improving the level of financial constraints. Through this, this study can be regarded as providing a suggestion that the corporate name change is effective as a strategy that ultimately increases corporate value.