Journal of Financial Economics
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Опубликовано на портале: 16-04-2007Jae-Seung Baek, Jun-Koo Kang, Kyung Suh Park Journal of Financial Economics. 2004. Vol. 71. No. 2. P. 265-313.
We show that during the 1997 Korean financial crisis, chaebol firms with higher ownership concentration by unaffiliated investors experience a smaller reduction in their share value. Firms with higher disclosure quality and alternative sources of external financing also suffer less. In contrast, chaebol firms with concentrated ownership by controlling family shareholders experience a larger drop in the value of their equity. Firms in which the controlling shareholders' voting rights exceed their cash flow rights, borrow more from the main banks, and are highly diversified also have lower returns. Finally, we find that downsizing (diversifying expansionary) actions during the crisis have a positive (negative) effect on the value of chaebol firms. Our results suggest that change in firm value during such a crisis is a function of firm-level differences in corporate governance measures and owner-manager incentives.
Опубликовано на портале: 18-04-2007Mark R. Huson, Paul H. Malatesta, Robert Parrino Journal of Financial Economics. 2004. Vol. 74. No. 2. P. 237-275.
We examine CEO turnover and firm financial performance.Accounting measures of performance relative to other firms deteriorate prior to CEO turnover and improve thereafter. The degree of improvement is positively related to the level of institutional shareholdings, the presence of an outsider-dominated board, and the appointment of an outsider (rather than an insider) CEO.Turnover announcements are associated with significantly positive average abnormal stock returns, which are in turn significantly positively related to subsequent changes in accounting measures of performance.This suggests that investors view turnover announcements as good news presaging performance improvements.