행정처분 공시의 주가 반응에 대한 연구

A Study on the Announcement Effects of Administrative Dispositions

Purpose - This event study explores stock price reaction to the disclosure of administrative dispositions resulting from legal violations. Design/Methodology/Approach - We verified the impact of administrative actions by the National Tax Service, Fair Trade Commission, and Financial Supervisory Service on stock prices through an event study. Additionally, this study analyzed the relationship between the size of penalties or additional charges resulting from administrative actions and confirmed abnormal stock returns through regression analysis. Findings - The empirical findings are as follows. First, the disclosure of administrative dispositions leads to abnormal negative returns for listed companies on the Korean stock market. Second, the size of fines and penalties imposed with administrative dispositions lead to lower abnormal returns, indicating that anticipated cash outflows may have negative effects on stock prices. Third, artificial neural network analysis confirms that ROE, FCR, and MBR affect the excess returns of stock prices. Research Implications - This study contributes to the literature by empirically examining the stock price reaction to different types of administrative dispositions and suggesting the potential effects of improving the disclosure system.