경영자 구조 변화와 기업가치의 관계: 한국주식시장을 중심으로
Copyright 2011 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
This study investigated whether the market response to replacement of CEO was significant according to the CEO structure and the ownership of CEO. The results of this study are as follows. First, as a result of analyzing the market response to the CEO's structural change, a significant negative market response was showed before the event when it was changed from a co-CEO to solo CEO. Second, in case previous CEO's performance was good, but CEO was replaced, it showed a significant negative market response. Finally, as a result of considering the CEO structure and ownership of CEO at the same time, there was no significant market response in most cases, but a significant positive market response was found when a solo CEO who owned more than 5% of the stock was replaced by a CEO who did not own more than 5%. This study contributes to providing evidence that market participants have an important understanding of the managerial structure.
Keywords:
CEO, Solo CEO, Co-CEO, Ownership, Market responseReferences
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∙ The author Shin Yoojin is currently an assistant professor at the Division of Business Administration of Wonkwang University. She obtained a master's degree and doctoral degree in the Department of Accounting at Chungnam National University and her specialty is financial accounting. The main areas of research are financial accounting and auditing.
∙ The author Jung-Mi Park is currently a visiting professor in the Division of Business Administration, Wonkwang University. She received her master's and doctoral degrees from Wonkwang University, majoring in financial management. Her main areas of interest are Corporate Finance, Management Strategy, and Firm Value.