Earticle

초록

영어

Our study analyzes whether economic policy uncertainty influences firms’ mergers and acquisition (M&A) in Korea. Employing economic policy uncertainty proxies proposed by Baker et al. (2016), and Cho and Kim (2023) which concentrate on Korean market, we observe the effect of both overall and categorical-specific index on firms’ decisions – namely, exchange policy uncertainty, fiscal policy uncertainty, monetary policy uncertainty and trade policy uncertainty. Our results are summarized as following. First, among categoricalspecific indices, foreign exchange uncertainty is shown to have negative effect on firms’ M&A decision at statistically significant level. Second, among a variety of industry sectors, the effect of foreign exchange uncertainty is statistically significant for only manufacturing and construction deals, in contrast with non-manufacturing industry in which statistically significance was not found. Lastly, the negative effect of foreign exchange policy uncertainty is found in a variety of firm setting and conditions, including foreigner’s stock ownership, and both vertical and horizontal acquisition.

목차

ABSTRACT
I. Introduction
II. Literature review
2-1. Economic Policy Uncertainty
2-2. Economic Policy Uncertainty and Firm’s M&A activity
2-3. Exchange Rate Uncertainty on M&A
III. Data and Methodology
IV. Empirical analysis
4-1. The main analysis
4-2. Robustness test
V. Discussion
VI. Conclusion
References
Table
Figure
Appendix

키워드

저자

• Su-Kyu Park [ Ph.D. Candidate, College of Economics and Finance, Hanyang University ] First Author
• Kyu-Seob Yu [ College of Economics and Finance, Hanyang University ] Co-author
• Jin-Hyung Cho [ Research Fellow (Ph.D.), Kakao ] Corresponding Author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330