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Does a parent-subsidiary merger enhance efficiency in Korea

조경식|정헌용|김창기
대한경영정보학회 (Daehan Academy Of Management Information Systems)|2010.09|경영과 정보연구 (Management & Information Systems Review)|제29권 제3호|pp. 51-69|DOI 10.29214/damis.2010.29.3.003

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참고문헌

키워드

효율성EfficiencyCAARParent-subsidiary mergersMerger motivations모-자회사 합병합병동기
주제분류경영학

초록

The purpose of this research is to analyze the motivations for mergers and the disclosure effects before and after two parties, which have a parent and subsidiary relationship, submit a merger agreement. The results of analysis show that the main aims of a merger between the two parties are to enhance the efficiency and the competitive power of the companies and to diversify their business lines. Efficiency increment plays an important role in a merger. A merged corporation has realized positive abnormal returns before and after a merger. Business diversification has brought the highest cumulative average abnormal returns due to the disclosure effects.

Abstract

The purpose of this research is to analyze the motivations for mergers and the disclosure effects before and after two parties, which have a parent and subsidiary relationship, submit a merger agreement. The results of analysis show that the main aims of a merger between the two parties are to enhance the efficiency and the competitive power of the companies and to diversify their business lines. Efficiency increment plays an important role in a merger. A merged corporation has realized positive abnormal returns before and after a merger. Business diversification has brought the highest cumulative average abnormal returns due to the disclosure effects.

참고문헌 (39)

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