Earticle

초록

영어

Corporate governance is a mechanism to coordinate the economic activities of enterprises and perform for minimizing agency and transaction costs due to conflicts of interest among the various stakeholders in order to maximize the firm value. Good corporate governance system can reduce the information asymmetry between the manager and shareholders, and allocate resources of high net present values with the reaction of the market. While corporate capital investments are the very important decisions in order to maintain the growth and survival, large cash outflow due to the capital investments could have a significant impact on the financial strength of the firm. In a related study, positive effects were found to disclose the amounts of the capital investments with the level of production expansion and productivity improvement situation. The main purpose of this study is to empirically investigate the effect of corporate capital investments on stock returns by corporate governance. The samples of 586 firms were analyzed over a period of 8 years from 2000 to 2007. The results show that stock-price responses to announcements of capital investments are significantly positive on average, particularly for the group of firms with high corporate governance index and for the non-chaebol group of firms. Further, we find that investment motives, dividend decision, and ownerships have insignificant effects on the abnormal stock returns.

목차

Ⅰ. 서론
 Ⅱ. 문헌연구
 Ⅲ. 실증모형
 Ⅳ. 실증결과
 Ⅴ. 결론
 참고문헌
 Abstract

키워드

저자

• 박영석 [ Young-Seog Park | 서강대학교 경영학과 교수 ] 제1저자
• 김남곤 [ Nam-Gon Kim | 동덕여자대학교 경영학과 교수 ] 공동저자
• 김용현 [ Yong-Hyeon Kim | 한양사이버대학교 경영학과 교수 ] 교신저자

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  생산성연구: 국제융합학술지 [Productivity Research: An International Interdisciplinary Journal]

• 간기

  격월간

• pISSN

  1225-3553

• 수록기간

  1987~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 325 DDC 330