기업분할의 목적에 따른 공시효과 분석

Exploring the Effects of Disclosure on Corporate Divestiture: The Korean Experience

This paper studies the disclosure effects on corporate divestiture in Korea and compares valuation effects of corporate divestiture methods such as spin-offs and physical divisions while determining the causes. Event study methodology and cross-sectional regression analysis are used in the empirical analysis of this paper. Major findings include the following : First, the disclosure effect of physical divisions was found to be smaller than those of spin-offs. Second, Many spin-offs occur because of financial problems but most physical divisions occur because of a business portfolio restructuring. Third, the greatest disclosure effect of spin-offs is attributed to a business portfolio restructuring. Lastly, the study concludes that the disclosure effect is related to some corporate characteristics or variables such as size, leverage, return on assets and the rate of equity provided by foreign corporate owners.