Earticle

초록

영어

We empirically prove that the negative listing effect is more pronounced in countries with high level of GDP growth rate uncertainty than countries without such uncertainty. We analyze the listing effect by examining a sample of 180 non-financial firms that disclosed cross-border M&As between 2004 and 2013 in the Korea Exchange (KRX) stock market and 41 countries where the target firms are located. Target firms that are listed in their base countries are directly exposed to the capital market through the stock exchange, so when uncertainty is strongly related to the GDP (PPP) growth rates of the target country, it has a greater impact on listed firms than on non-listed firms, thereby reducing the shareholder wealth of acquiring firms. Further, our results show that the listing effect caused by economic growth uncertainty in the target country is stronger for cross-border M&As during the global financial crisis or when the target firms are based in developing countries. This study is the first to empirically prove that the listing effect is attributable to the uncertainty in the GDP (PPP) growth rates of the target country and presents new implications for future research on the disclosure effect of cross-border M&As.

목차

ABSTRACT
Introduction
Literature Review and Hypothesis Development
Effects of Global Financial Crisis and Cross-Border M&As in Emerging Capital Markets
Listing Effect
Hypothesis Development
Study Methodology and Data
Calculation of AR
Testing for the Difference in CARs
Sample Description
Descriptive Statistics for Variables
Empirical Results
Difference in CARs Depending on Whether Target Firms are Listed
Multiple Regression Analysis on the Listing Effect of Cross-border M&As
Conclusion
References

키워드

저자

• Byoung-Jin Kim [ Korea Polytechnic University ]
• Jin-Young Jung [ Inha University ]
• Sung-Woo Jo [ KISA ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330