Earticle

초록

영어

We examine whether spinoffs improve long-run stock returns and analyze the factors of long run stock returns. The measures of long run stock returns are CAR(Cumulative Abnormal Returns) and BHAR(Buy and Hold Abnormal Returns). The expected factors of abnormal returns are methods of spinoffs, size, BV/MV, administrative costs, cashflow and Herfindahl index. We find that long-run returns of the case such as carve-out methods, small size, high BV/MV, low administrative costs, low cashflow and low Herfindahl index are larger than those of other cases. We show positive relationship between spinoffs and long-run stock returns(CAR and BHAR). The results supports spinoffs, as the methods of focusing on core business, are very usefulness of corporate restructuring.

목차

Ⅰ. 서 론
 Ⅱ. 선행연구
 Ⅲ. 연구방법
  1. 표본의 구성
  2. 장기성과의 측정방법
 Ⅳ. 연구가설의 설정
 Ⅴ. 실증연구결과
  1. 기술통계량
  2. 분할기업의 장기성과에 관한 분석
  3. 분할방법에 따른 장기성과 차이에 관한 분석
  4. 기업규모에 따른 장기성과 차이의 분석
  5. 장부가대비시장가비율(BV/MV)에 따른 장기성과 차이의 분석
  6. 사업집중도의 정도에 따른 장기성과 차이의 분석
  7. 현금흐름의 정도에 따른 장기성과 차이의 분석
 Ⅵ. 결 론
 [부 록]
 참고문헌
 Abstract

키워드

저자

• 홍동현 [ Hong, Dong-hyun | 세종사이버대학교 부동산경영학부 ]
• 이덕훈 [ Lee, Deok-hoon | 부천대학 세무회계과 ]
• 황재호 [ Hwang, Jae-ho | 한국외국어대 경영학과 대학원 ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  경영과 정보연구 [Management Information Systems review]

• 간기

  계간

• pISSN

  1598-2459

• 수록기간

  1997~2026

• 등재여부

  KCI 등재

• 십진분류

  KDC 325 DDC 658