기업분할 정보가 주주의 부에 미치는 영향

Effects of Divestitures Announcements on Shareholder Wealth

This paper investigates the effects of divestitures announcements on shareholder wealth. Analyzing a sample of 208 divestitures during 1999~2008, we find that ordinary divestitures earn significant positive CARs than divestitures subsequent to backdoor listings. Divestitures to become holding companies have significantly higher CARs than divestitures with different purposes. It is also evidenced the abnormal announcement returns of focusing-divestitures higher than those of non-focusing divestitures. However, we could not support the hypothesis that the announcement effects of spin-offs are different from those of non spin-offs.