15 research outputs found
μ μΆμνμ λν κ°λ μ‘°μΉ νκ°μ μμ₯κ·μ¨μ λν μμ¬μ
λ³Έκ³ λ κ΄μ©μ κ°λ
μ΄ μ μΆμν μκΈμμ μμ₯κ·μ¨μ μν₯μ μ£Όλμ§λ₯Ό 2000λ
λΆν° 2004λ
κΉμ§μ κΈ°κ°μ λμμΌλ‘ μ°κ΅¬ν κ²μ΄λ€. μ΄λ₯Ό μνμ¬ μ°μ λΆμ λμ κΈ°κ° μ€ μ μΆμνμ λν κ°λ
μ‘°μΉ λ΄μ©μ νκ°νμ¬ κ΄μ©μ κ°λ
μ‘°μΉλ₯Ό λΆλ₯νκ³ μ΄λ¬ν κ°λ
λΉκ΅μ κ΄μ©μ μ‘°μΉκ° μκΈμμ μμ₯κ·μ¨, μ¦ μ μΆμν 리μ€ν¬μ λν μκΈμ¦κ°μ¨μ λ―Όκ°λλ₯Ό μ½νμν€λμ§λ₯Ό μ€μ¦μ μΌλ‘ λΆμνμλ€. λν νΉμ μνμ λν κ΄μ©μ κ°λ
μ΄ λμΌ μμ
μ§μλ΄ μ¬ν μ μΆμνμ μκΈμ ννμ νκΈλλμ§λ ν¨κ» λΆμνμλ€.
λΆμ κ²°κ³Ό, μμ°κ±΄μ μ±μ΄ μ
νλ μ μΆμνμ λν΄ κ΄μ©μ κ°λ
μ΄ λ°μνμμ λ μ μΆμνμ 리μ€ν¬μ λν μκΈμμ λ―Όκ°λκ° κ°μνλ κ²μΌλ‘ λνλ¬λ€. λν μ΄λ¬ν κ΄μ©μ κ°λ
μ ν¨κ³Όλ ν΄λΉμνλΏ μλλΌ μΈκ·Ό μνμ μκΈμκ·μ¨λ μ½νμν€λ κ²μΌλ‘ λνλ¬λ€. μ΄μ²λΌ κ΄μ©μ κ°λ
μ‘°μΉλ μ μΆμν μκΈμμ μμ₯κ·μ¨μ μ½νμμΌ ν₯ν μμ μ μλ μ μΆμν νμ°μ κΈ°λλΉμ©μ μ¦λμν¬ μ μλ λ§νΌ λ³΄λ€ μ μ€νκ² μ΄λ£¨μ΄μ ΈμΌ ν κ²μ΄λ€.3
Signaling Effect of Stock Repurchase Announcements and Discretionary Accruals of Korean Firms
λ³Έ μ°κ΅¬λ μμ¬μ£Ό 맀μ
κ³νμ 곡μνκ±°λ μ¬λμ λ°μμ ν΅νμ¬ νκ³μ΄μ΅μ μν₯ μ‘°μ ν¨μΌλ‘μ¨ κΈ°μ
κ°μΉκ° μ νκ°λμλ€λ μ νΈλ₯Ό ν¬μμμκ² λ³΄λΌ μ μΈμ΄ μλμ§λ₯Ό λΆμνκ³ μλ€. 2000λ
λΆν° 2006λ
κΉμ§ νκ΅κ±°λμμ μμ¬μ£Ό 맀μ
κ³νμ 곡μν μ€μ μ΄ μλ 294κ° λΉκΈμ΅κΈ°μ
μ 607ν μμ¬μ£Ό 맀μ
곡μ μ¬λ‘λ₯Ό λΆμν κ²°κ³Ό, μ λ
λ μ¬λμ λ°μμ‘μ΄ ν¬κ±°λ μ£Όκ°μ μ νκ° μ λκ° μ¬ν κΈ°μ
μΌμλ‘ μμ¬μ£Ό 맀μ
곡μ μ μΈμ΄ μ¦κ°νμλ€. μ΄λ νκ΅ κΈ°μ
λ€μ΄ μ νκ°λ₯Ό μ νΈνκΈ° μνμ¬ νκ³μλ¨κ³Ό μ¬λ¬΄μλ¨μ λ³ννμ¬ μ¬μ©νκ³ μμμ μμ¬νλ€. λ μ νκ° μ νΈμλ¨μ λν΄ μ£Όμμμ₯μ λͺ¨λ κΈμ μ μΌλ‘ λ°μνκ³ μμΌλ, μλ‘μ ν¨κ³Όλ₯Ό μμΉμν€λ μμ©μ λλ ·μ΄ λνλμ§ μμλ€.
This study explores whether corporations have incentives to signal undervaluation through discretionary accruals and/or stock repurchase announcements and whether the two signaling tools are complementary or substitutive. We do this by analyzing the extent of discretionary accruals around and price responses to the announcement of stock repurchases. The sample of this study consists of 607 stock repurchase announcements for Korean non-financial firms from 2000 to 2006. We show that firms that announce stock repurchase plans have larger pre-announcement discretionary accruals and are more undervalued compared to firms matched by industry and size. This result is consistent with the notion that discretionary accruals and stock repurchases may be complementary to each other for signaling undervaluation. We also find that stock prices respond positively to both discretionary accruals and stock repurchases announcement and that each signaling tool, though it is not significant, enhances the positive price effect of the other.2
Signaling Effect of Stock Repurchase Announcements and Discretionary Accruals of Korean Firms
λ³Έ μ°κ΅¬λ μμ¬μ£Ό 맀μ
κ³νμ 곡μνκ±°λ μ¬λμ λ°μμ ν΅νμ¬ νκ³μ΄μ΅μ μν₯ μ‘°μ ν¨μΌλ‘μ¨ κΈ°μ
κ°μΉκ° μ νκ°λμλ€λ μ νΈλ₯Ό ν¬μμμκ² λ³΄λΌ μ μΈμ΄ μλμ§λ₯Ό λΆμνκ³ μλ€. 2000λ
λΆν° 2006λ
κΉμ§ νκ΅κ±°λμμ μμ¬μ£Ό 맀μ
κ³νμ 곡μν μ€μ μ΄ μλ 294κ° λΉκΈμ΅κΈ°μ
μ 607ν μμ¬μ£Ό 맀μ
곡μ μ¬λ‘λ₯Ό λΆμν κ²°κ³Ό, μ λ
λ μ¬λμ λ°μμ‘μ΄ ν¬κ±°λ μ£Όκ°μ μ νκ° μ λκ° μ¬ν κΈ°μ
μΌμλ‘ μμ¬μ£Ό 맀μ
곡μ μ μΈμ΄ μ¦κ°νμλ€. μ΄λ νκ΅ κΈ°μ
λ€μ΄ μ νκ°λ₯Ό μ νΈνκΈ° μνμ¬ νκ³μλ¨κ³Ό μ¬λ¬΄μλ¨μ λ³ννμ¬ μ¬μ©νκ³ μμμ μμ¬νλ€. λ μ νκ° μ νΈμλ¨μ λν΄ μ£Όμμμ₯μ λͺ¨λ κΈμ μ μΌλ‘ λ°μνκ³ μμΌλ, μλ‘μ ν¨κ³Όλ₯Ό μμΉμν€λ μμ©μ λλ ·μ΄ λνλμ§ μμλ€.
This study explores whether corporations have incentives to signal undervaluation through discretionary accruals and/or stock repurchase announcements and whether the two signaling tools are complementary or substitutive. We do this by analyzing the extent of discretionary accruals around and price responses to the announcement of stock repurchases. The sample of this study consists of 607 stock repurchase announcements for Korean non-financial firms from 2000 to 2006. We show that firms that announce stock repurchase plans have larger pre-announcement discretionary accruals and are more undervalued compared to firms matched by industry and size. This result is consistent with the notion that discretionary accruals and stock repurchases may be complementary to each other for signaling undervaluation. We also find that stock prices respond positively to both discretionary accruals and stock repurchases announcement and that each signaling tool, though it is not significant, enhances the positive price effect of the other.2