This study measured the direction and magnitude of abnormal returns accruing to shareholders of Korean firms following cross-border acquisitions by Korean companies, and analyzed the exogenous explanatory factors affecting differences in abnormal returns across acquiring firms. The analysis revealed that Korean firms acquiring foreign companies earned negative mean abnormal returns. This indicates that domestic investors generally viewed cross-border acquisitions by Korean firms unfavorably. The cumulative abnormal returns of acquiring firms showed a negative relationship with the relative ratio of the target firm's total assets to those of the acquiring firm, a negative relationship with acquisitions of firms in industries different from the acquirer's, a negative relationship with cases where the acquirer had no prior presence in the target firm's country, and a positive relationship with cases where the target firm's management opposed the acquisition proposal. At the 10% significance level, only the acquisition type variable based on industry was statistically significant.