Research Article

가족기업의 신임 최고경영자 공시에 대한 주식시장의 반응

류진아, 박선현, 이동기

University of Illinois at Urbana-Champaign
서울대학교
서울대학교

발행: 2021년 1월 · 50권 4호 · pp. 981-1009

DOI: https://doi.org/10.17287/kmr.2021.50.4.981

초록

We study market response toward family vs. professional CEO succession in a family-controlled firm. Drawing on theories distinguishing family CEOs from professional CEOs, we propose two competing hypotheses on whether investors react to family CEO succession more negatively (or positively) than to professional CEO succession in a family-controlled firm. We find that stock market reactions to family CEO succession are more negative compared to professional CEO succession, supporting the theoretical perspectives that stockholders consider family CEO succession as an extension of the owner family’s private benefit seeking. This negative market response to family CEO succession, however, decreases when the firm is under the market regulatory authorities’ monitoring. Our empirical analysis examining the announcement of CEO succession events in Korean public family-controlled firms between 2005 and 2016 provides strong support for our theoretical perspectives.

키워드: CEO successioninvestor reactionfamily firmcorporate governance

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