코스닥 기업의 M&A와 경영성과에 관한 연구
A Study on M&A and Managerial Performance of Corporations Listed in KOSDAQ
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M&A(Merge and Acquisition) is the good way for corporations to grow and develop continually, and they can have competative force to survive successfully. There is many motivation and ways on M&A and also it's benefit is very various. We are intersted in relationship between M&A and managerial performance, especially corporations Listed in KOSDAQ. For doing research, we gathered 62 samples of M&A cases in KOSDAQ from 01/2004 to 12/2006. The result is as follows:First, Both ROA and ROE have positive properties before M&A. Second, as seen by CAR before 30 days of directorate, information of M&A is reflected on stock price before M&A announcement. Third, ROA, ROE, ROS has positive effect on CAR before 30 days of directorate. In This result we expect that corforations have high ROA, ROE, ROS can show high performance through M&A.
Abstract
M&A(Merge and Acquisition) is the good way for corporations to grow and develop continually, and they can have competative force to survive successfully. There is many motivation and ways on M&A and also it's benefit is very various. We are intersted in relationship between M&A and managerial performance, especially corporations Listed in KOSDAQ. For doing research, we gathered 62 samples of M&A cases in KOSDAQ from 01/2004 to 12/2006. The result is as follows:First, Both ROA and ROE have positive properties before M&A. Second, as seen by CAR before 30 days of directorate, information of M&A is reflected on stock price before M&A announcement. Third, ROA, ROE, ROS has positive effect on CAR before 30 days of directorate. In This result we expect that corforations have high ROA, ROE, ROS can show high performance through M&A.
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