기업집단 지배구조의 특성이 계열회사의 정보비대칭과 주가동조화에 미치는 영향

The Effects of Corporate Governance Characteristics on Information Asymmetry and Stock Price Synchronicity

초록

The objective of this paper is to find how the features of corporate governance affect the information environment of subsidiaries. One of the most interesting characteristics of conglomerates is its increasing complexity of corporate governance structure. As a result, transferring information content of one subsidiary to another subsidiary is more prevalent than in the past. Corporate governance, especially, shareholding structure in a conglomerate relates information asymmetry and stock price synchronicity. That is, when the relative portion of shareholding in a conglomerate is high, information asymmetry increases because it is likely to be difficult for outside stakeholders (including potential stakeholders) to access firm-specific information of a particular subsidiary. In the meantime, market participants tend to exploit relatively easy-to-use information such as industry, capital market, and macro-economy data rather than hard-to-use firm-specific data when they make investment decisions. Thus complex shareholding structure of conglomerate comes out to increase both information asymmetry and stock price synchronicity simultaneously.

키워드

corporate governanceshareholdingownership percentageinformation asymmetrystock price synchronicity기업집단 지배구조출자건수출자지분율정보비대칭주가동조화
제목
기업집단 지배구조의 특성이 계열회사의 정보비대칭과 주가동조화에 미치는 영향
제목 (타언어)
The Effects of Corporate Governance Characteristics on Information Asymmetry and Stock Price Synchronicity
저자
박지혜조중석
발행일
2015-08
저널명
회계학연구
40
4
페이지
285 ~ 326