목차
Ⅰ. 서 론
Ⅱ. 자료와 연구방법
1. 자료
2. 연구방법
Ⅲ. 실증분석 결과
1. 최대주주 변경과 주주 부
2. 최대주주 변경의 공시효과
3. 최대주주 변경기업의 중기 주식성과
가. 누적 비정상수익률 분석
나. 평균 보유기간 비정상수익률과 상대적 부 분석
다. 최대주주 변경기업의 중기성과에 대한 횡단면 분석
Ⅳ. 결론
<참 고 문 헌>
Ⅱ. 자료와 연구방법
1. 자료
2. 연구방법
Ⅲ. 실증분석 결과
1. 최대주주 변경과 주주 부
2. 최대주주 변경의 공시효과
3. 최대주주 변경기업의 중기 주식성과
가. 누적 비정상수익률 분석
나. 평균 보유기간 비정상수익률과 상대적 부 분석
다. 최대주주 변경기업의 중기성과에 대한 횡단면 분석
Ⅳ. 결론
<참 고 문 헌>
본문내용
," Working Paper, London Business School, 1994.
Furtado, E. P. H. and M. S. Rozeff, "The wealth effect of company initiated management changes," Journal of Financial Economics 18, 1987, pp. 147-160.
Furtado, E. P. H. and V. Karan, "Causes, consequences, and shareholder wealth effects of management turnover: A review of the empirical evidence," Financial Management 19, 1990, pp. 60-75.
Gilson, S., "Management turnover and financial distress," Journal of Financial Economics 25, 1989, pp. 241-262.
Jensen, M. C. and W. H. Meckling, "Theory of the firm: Managerial behavior, agency costs and ownership structure." Journal of Financial Economics 3, 1976, pp. 305-360.
Kang, J. and A. Shivdasani, "Firm performance, corporate governance, and top executive turnover in Japan," Journal of Financial Economics 38, 1995, pp. 29-58.
Kang, J. and A. Shivdasani, "Does the Japanese governance system enhance shareholder wealth? Evidence from the stock-price effects of top management turnover," Review of Financial Studies 9, 1996, pp. 1061-1095.
Kaplan, S. N. and B. Minton, "Appointments of outsiders to Japanese boards: Determinants and implications for managers," Journal of Financial Economics 36, 1994, pp. 225-257.
Kaplan, S. N. and L. Zingales, "Do investment-cash flow sensitivities provide useful measures of financial constraints?," Quarterly Journal of Economics 112, 1997, pp. 169-215.
Kothari, S. P. and J. B. Warner, "Measuring long-horizon security price performance," Journal of Financial Economics 43, 1997, pp. 301-339.
Maug, E., "Large shareholders as monitors: Is there a trade-off between liquidity and control?," Journal of Finance 53, 1998, pp. 65-98.
McConnell, J. J. and H. Servaes, "Additional evidence on equity ownership and corporate value," Journal of Financial Economics 27, 1990, pp. 596-612.
Morck, R., A. Shleifer, and R. W. Vishny, "Management ownership and market valuation: An empirical analysis," Journal of Financial Economics 20, 1988, pp. 157-202.
Schwartz, K. B. and K. Menon, "Executive succession in failing firms," Academy of Management Journal 28, 1985, pp. 680-686.
Shivdasani, A. "Board composition, ownership structure, and hostile takeovers," Journal of Accounting and Economics 16, 1993, pp. 167-198.
Shleifer, A. and R. W. Vishny, "Large shareholders and corporate controls," Journal of Political Economy 94, 1986, pp. 461-488.
Shleifer, A. and R. W. Vishny, "A survey of corporate governance," Journal of Finance 52, 1997, pp. 737-783.
Warner, J. B., R. L. Watts, and K. H. Wruck, "Stock prices and top management changes," Journal of Financial Economics 20, 1988, pp. 461-492.
Weisbach, M. S., "Outside directors and CEO turnover," Journal of Financial Economics 20, 1988, pp. 431-460.
Weston, J. F. and K. S. Chung, "Takeovers and corporate restructuring: An overview," Business Economics 25, 1990, pp. 8-11.
Yafeh, Y. and O. Yosha, "Large shareholders and banks: Who monitors and how?," Working Paper, Hebrew University, Jerusalem, Israel, 1996.
Furtado, E. P. H. and M. S. Rozeff, "The wealth effect of company initiated management changes," Journal of Financial Economics 18, 1987, pp. 147-160.
Furtado, E. P. H. and V. Karan, "Causes, consequences, and shareholder wealth effects of management turnover: A review of the empirical evidence," Financial Management 19, 1990, pp. 60-75.
Gilson, S., "Management turnover and financial distress," Journal of Financial Economics 25, 1989, pp. 241-262.
Jensen, M. C. and W. H. Meckling, "Theory of the firm: Managerial behavior, agency costs and ownership structure." Journal of Financial Economics 3, 1976, pp. 305-360.
Kang, J. and A. Shivdasani, "Firm performance, corporate governance, and top executive turnover in Japan," Journal of Financial Economics 38, 1995, pp. 29-58.
Kang, J. and A. Shivdasani, "Does the Japanese governance system enhance shareholder wealth? Evidence from the stock-price effects of top management turnover," Review of Financial Studies 9, 1996, pp. 1061-1095.
Kaplan, S. N. and B. Minton, "Appointments of outsiders to Japanese boards: Determinants and implications for managers," Journal of Financial Economics 36, 1994, pp. 225-257.
Kaplan, S. N. and L. Zingales, "Do investment-cash flow sensitivities provide useful measures of financial constraints?," Quarterly Journal of Economics 112, 1997, pp. 169-215.
Kothari, S. P. and J. B. Warner, "Measuring long-horizon security price performance," Journal of Financial Economics 43, 1997, pp. 301-339.
Maug, E., "Large shareholders as monitors: Is there a trade-off between liquidity and control?," Journal of Finance 53, 1998, pp. 65-98.
McConnell, J. J. and H. Servaes, "Additional evidence on equity ownership and corporate value," Journal of Financial Economics 27, 1990, pp. 596-612.
Morck, R., A. Shleifer, and R. W. Vishny, "Management ownership and market valuation: An empirical analysis," Journal of Financial Economics 20, 1988, pp. 157-202.
Schwartz, K. B. and K. Menon, "Executive succession in failing firms," Academy of Management Journal 28, 1985, pp. 680-686.
Shivdasani, A. "Board composition, ownership structure, and hostile takeovers," Journal of Accounting and Economics 16, 1993, pp. 167-198.
Shleifer, A. and R. W. Vishny, "Large shareholders and corporate controls," Journal of Political Economy 94, 1986, pp. 461-488.
Shleifer, A. and R. W. Vishny, "A survey of corporate governance," Journal of Finance 52, 1997, pp. 737-783.
Warner, J. B., R. L. Watts, and K. H. Wruck, "Stock prices and top management changes," Journal of Financial Economics 20, 1988, pp. 461-492.
Weisbach, M. S., "Outside directors and CEO turnover," Journal of Financial Economics 20, 1988, pp. 431-460.
Weston, J. F. and K. S. Chung, "Takeovers and corporate restructuring: An overview," Business Economics 25, 1990, pp. 8-11.
Yafeh, Y. and O. Yosha, "Large shareholders and banks: Who monitors and how?," Working Paper, Hebrew University, Jerusalem, Israel, 1996.
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