경영자지분율이 자사주매입공시수익률에 미치는 영향
The Effects of Managerial Stock Ownership on Stock Repurchase Announcement Return
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본 연구에서는 1998년 1월 1일부터 2005년 12월 31일까지 자사주매입기업을 대상으로 경영자지분율이 자사주매입공시수익률에 미치는 영향을 실증분석 하였으며, 그 결과는 다음과 같다.자사주매입공시 이전에 경영자지분율이 증가할수록 저평가에 대한 신뢰성이 높아져서 자사주매입공시수익률이 증가하는 것으로 나타났다. 그리고 경영자지분율과 자사주매입공시수익률간의 양(+)의 관계는 성장기회가 낮고 잉여현금흐름이 많아서 대리인 문제가 발생할 가능성이 높은 가치기업이 그렇지 않은 성장기업보다 더 강하게 나타났다.따라서 한국증권시장에서도 경영자지분율은 자사주매입공시수익률에 양(+)의 영향을 미치며, 이는 자사주매입공시를 통해 전달되는 저평가와 효율성 신호에 대한 신뢰성을 증가시킬 수 있는 극소수의 정보원천 중의 하나라고 할 수 있다. 한글 색인어 : 경영자지분율, 자사주매입공시수익률, 가치기업, 성장기업
Abstract
In this paper, we test empirically the effects of managerial stock ownership on stock repurchase announcement return. The main results of this study can be summarized as follows.First, higher managerial stock ownership prior to the announcement provide credibility to the undervaluation and predict higher stock repurchase announcement returns.Second, the positive relation between managerial stock ownership and stock repurchase announcement returns is stronger for announcements made by value firms with low free cash flows and many growth opportunities than for growth firms with high free cash flows and few growth opportunities.Conclusively, these results support the evidence that stock repurchase announcements are greeted more favorably by investors when managers hold many stocks of their firm. And we believe that managerial stock ownership is one of the few sources of information that can be used by investors to evaluate the credibility of the undervaluation signal sent by the announcement.
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