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Stock Market Reactions to the Announcement of CEO Succession in Family firms : 가족기업의 최고경영자 교체 공시에 대한 주식 시장의 반응

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Authors
류진아
Advisor
이동기
Major
경영대학 경영학과
Issue Date
2018-08
Publisher
서울대학교 대학원
Description
학위논문 (석사)-- 서울대학교 대학원 : 경영대학 경영학과, 2018. 8. 이동기.
Abstract
Although previous studies have examined that firms audience take a large part in determining firms economic and social performance, we know very little about investor community of family firms. Building on principal-principal conflict of agency theory and on signaling theory, we found that investors in stock market react to the announcement of family CEO succession more negatively than to that of professional CEO succession in family firms. Their negative reactions of family CEO succession decrease when the firm has higher reputation, which signals the efficient governance structure of the firm. Our findings exhibit that investors perceive family CEO appointments as another governance mechanism that enhances information asymmetry among two different principals of family firms. The present research emphasizes the practical importance of how nonfamily stakeholders evaluate the family firms leadership, and motivates scholars to figure out how family firms could interplay with their audience. We constructed CEO succession event dataset of the listed family firms in South Korea and employed event study to observe stock market reactions at the time of announcements. To eliminate endogeneity issue, we used diverse approach including constructing the matching sample and classifying the types of leadership changes that could be observed in family firms.
Language
English
URI
https://hdl.handle.net/10371/144136
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College of Business Administration/Business School (경영대학/대학원)Dept. of Business Administration (경영학과)Theses (Master's Degree_경영학과)
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