
이익조정과 스톡옵션이 자사주 매입 공시효과에 미치는 영향
Effect of Earnings Management and Stock Options on the Disclosure Effect of Share Repurchases
- 김경순(Kyung-Soon Kim) 김유진(Yu-jin Kim) 김홍렬(Hong-Ryeol Kim)
- 강원대학교 경영경제연구소
- 아태비즈니스연구
- 제12권 제3호
- 등재여부 : KCI등재
- 2021.09
- 343 - 359 (17 pages)
Purpose - The purpose of this paper is to investigate the relationship between earnings management and the disclosure effect of share repurchase. In addition, we analyze whether the relationship between earnings management and share repurchase is affected by executive stock options. Design/methodology/approach - We calculate the discretionary accrual amount for the year immediately preceding the share repurchase and the cumulative excess return around the announcement of the share repurchase, and examine the relationship between the two by regression analysis. Findings - We confirmed a negative relationship between discretionary accrual in the year immediately preceding the share repurchase and the market response to the share repurchase disclosure. In particular, it was found that the negative relationship between discretionary accrual and stock price return on share repurchase announcement was found to decrease in companies to which executive stock options were granted. Research implications or Originality - When uncertainties exist in the motives for share repurchase, we find that earnings management and executive stock options can be useful tools for reducing the adverse selection risk inherent in share repurchase announcements.
Ⅰ. 서론
Ⅱ. 선행연구 및 가설
Ⅲ. 변수측정 및 연구모형
Ⅳ. 실증분석 결과
Ⅴ. 결론
References