Session 2 : 기업재무Ⅱ
The Impact of Insider Share Pledging on Financial Performance and Firm Value : Evidence from Korea
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- 발행기관
- 한국재무학회 바로가기
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- 간행물
- 한국재무학회 학술대회 바로가기
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- 통권
- 2024년 한국재무학회 추계학술대회 (2024.11)바로가기
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- 페이지
- pp.765-807
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- 저자
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- 언어
- 영어(ENG)
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- URL
- https://www.earticle.net/Article/A457301
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원문정보
초록
- 영어
- This study analyzes the impact of insider share pledging on financial performance and firm value. Through firm-level and insider share pledging analyses, we find that firms with share pledging experience improvements in firm value despite no significant enhancement in financial performance after pledging. Also, there are reductions in earnings management and stock volatility. Additionally, insider share pledging generally strengthens these trends, but there are no significant results regarding stock volatility controlling for firm and year fixed effect. Our study is significant as it utilizes observations from Korea, where detailed disclosures allow for diverse collections, and utilizes a clear definition of insiders.
목차
Abstract
1. Introduction
2. Prior Research and Hypothesis Development
2.1 International Research
2.2 Prior Research in Korea
2.3 Hypothesis Development
3. Current Status of Share Pledging Systems
3.1 Share Pledging Systems in Other Nations
3.2 Korean Share Pledging System
4. Sample and research methods
4.1 Sample Selection
4.2 Definition of Insiders
4.3 Research Methods
5. Results of Firm-level Share Pledging Analysis
5.1 Analysis of Share Pledging Status
5.2 PSM Matching Quality and Difference Test
5.3 PSM Sample Basic Statistics
5.4 Correlations Between Variables
5.5 The Impact of Share Pledging on Financial Performance and Firm Value
6. Results of Insider Share Pledging Analyses
6.1 PSM Matching Quality and Difference Test
6.2 PSM Sample Basic Statistics
6.3 Correlations Between Variables
6.4 The Impact of Insider Share Pledging on Financial Performance and Firm Value
7. Additional Analyses Based on Earnings Management and Stock Volatility
7.1 Results of firm-level Share Pledging Analyses
7.2 Results of insider Share Pledging Analyses
8. Conclusion
References
Table
키워드
Insider Share pledging Financial performance Firm value Firm characteristics저자
간행물 정보
발행기관
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- 발행기관명
- 한국재무학회 [The Korean Finance Association]
- 설립연도
- 1988
- 분야
- 사회과학>경영학
- 소개
- 본 회는 재무학 및 이와 관련되는 분야를 발전시키며 회원 상호간의 친목 도모를 목적으로 한다.
간행물
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- 간행물명
- 한국재무학회 학술대회
- 간기
- 부정기
- 수록기간
- 2006~2024
- 십진분류
- KDC 325 DDC 330
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