메뉴 건너뛰기




Volumn 22, Issue 6, 2014, Pages 482-500

Frequent Stock Repurchases, False Signaling, and Corporate Governance: Evidence from Korea

Author keywords

Agency Cost; Corporate Governance; Ownership Structure; Stock Repurchase

Indexed keywords


EID: 84910628603     PISSN: 09648410     EISSN: 14678683     Source Type: Journal    
DOI: 10.1111/corg.12069     Document Type: Article
Times cited : (11)

References (64)
  • 1
    • 84971947837 scopus 로고
    • Large shareholders and the monitoring of managers: The case of antitakeover charter amendments
    • Agrawal, A. & Mandelker, G. N. 1990. Large shareholders and the monitoring of managers: The case of antitakeover charter amendments. Journal of Financial and Quantitative Analysis, 25: 143-161.
    • (1990) Journal of Financial and Quantitative Analysis , vol.25 , pp. 143-161
    • Agrawal, A.1    Mandelker, G.N.2
  • 2
    • 11144307937 scopus 로고    scopus 로고
    • Board characteristics, accounting report integrity, and the cost of debt
    • Anderson, R. C., Mansi, S. A., & Reeb, D. M. 2004. Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting and Economics, 37: 315-342.
    • (2004) Journal of Accounting and Economics , vol.37 , pp. 315-342
    • Anderson, R.C.1    Mansi, S.A.2    Reeb, D.M.3
  • 4
    • 0013099398 scopus 로고    scopus 로고
    • Agency costs and ownership structure
    • Ang, J. S., Cole, R. A., & Lin, J. W. 2000. Agency costs and ownership structure. Journal of Finance, 55: 81-106.
    • (2000) Journal of Finance , vol.55 , pp. 81-106
    • Ang, J.S.1    Cole, R.A.2    Lin, J.W.3
  • 5
    • 58949103110 scopus 로고    scopus 로고
    • Share repurchases and pay-performance sensitivity of employee compensation contracts
    • Babenko, I. 2009. Share repurchases and pay-performance sensitivity of employee compensation contracts. Journal of Finance, 64: 117-150.
    • (2009) Journal of Finance , vol.64 , pp. 117-150
    • Babenko, I.1
  • 6
    • 0346937235 scopus 로고    scopus 로고
    • Corporate governance and firm value: Evidence from the Korean financial crisis
    • Baek, J. S., Kang, J. K., & Park, K. S. 2004. Corporate governance and firm value: Evidence from the Korean financial crisis. Journal of Financial Economics, 71: 265-313.
    • (2004) Journal of Financial Economics , vol.71 , pp. 265-313
    • Baek, J.S.1    Kang, J.K.2    Park, K.S.3
  • 8
    • 84857459021 scopus 로고    scopus 로고
    • The effect of board structure on firm value: A multiple identification strategies approach using Korean data
    • Black, B. & Kim, W. 2012. The effect of board structure on firm value: A multiple identification strategies approach using Korean data. Journal of Financial Economics, 104: 203-226.
    • (2012) Journal of Financial Economics , vol.104 , pp. 203-226
    • Black, B.1    Kim, W.2
  • 10
    • 0000106797 scopus 로고
    • Do outside directors monitor managers? Evidence from tender offer bids
    • Byrd, J. W. & Hickman, K. A. 1992. Do outside directors monitor managers? Evidence from tender offer bids. Journal of Financial Economics, 32: 195-221.
    • (1992) Journal of Financial Economics , vol.32 , pp. 195-221
    • Byrd, J.W.1    Hickman, K.A.2
  • 11
    • 0036341110 scopus 로고    scopus 로고
    • Corporate governance in South Korea: The chaebol experience
    • Campbell, T. L., II & Keys, P. Y. 2002. Corporate governance in South Korea: The chaebol experience. Journal of Corporate Finance, 8: 373-391.
    • (2002) Journal of Corporate Finance , vol.8 , pp. 373-391
    • Campbell, T.L.1    Keys, P.Y.2
  • 13
    • 33644783066 scopus 로고    scopus 로고
    • Governance systems effectiveness following the crisis: The case of Korean business group headquarters
    • Chang, J. J. & Shin, H. H. 2006. Governance systems effectiveness following the crisis: The case of Korean business group headquarters. Corporate Governance: An International Review, 14: 85-97.
    • (2006) Corporate Governance: An International Review , vol.14 , pp. 85-97
    • Chang, J.J.1    Shin, H.H.2
  • 15
    • 33947251251 scopus 로고    scopus 로고
    • Outside directors, ownership structure and firm profitability in Korea
    • Cho, D. S. & Kim, J. 2007. Outside directors, ownership structure and firm profitability in Korea. Corporate Governance: An International Review, 15: 239-250.
    • (2007) Corporate Governance: An International Review , vol.15 , pp. 239-250
    • Cho, D.S.1    Kim, J.2
  • 16
    • 84866616097 scopus 로고    scopus 로고
    • The value of a two-dimensional value investment strategy: Evidence from the Korean stock market
    • Cho, S. S., Shin, J. S., & Byun, J. H. 2012. The value of a two-dimensional value investment strategy: Evidence from the Korean stock market. Emerging Markets Finance and Trade, 48: 58-81.
    • (2012) Emerging Markets Finance and Trade , vol.48 , pp. 58-81
    • Cho, S.S.1    Shin, J.S.2    Byun, J.H.3
  • 17
    • 37849018727 scopus 로고    scopus 로고
    • The value of outside directors: Evidence from corporate governance reform in Korea
    • Choi, J., Park, S., & Yoo, S. 2007. The value of outside directors: Evidence from corporate governance reform in Korea. Journal of Financial and Quantitative Analysis, 42: 941-962.
    • (2007) Journal of Financial and Quantitative Analysis , vol.42 , pp. 941-962
    • Choi, J.1    Park, S.2    Yoo, S.3
  • 18
    • 84977719740 scopus 로고
    • The relative signaling power of Dutch-auction and fixed-price self-tender offers and open-market share repurchases
    • Comment, R. & Jarrell, G. A. 1991. The relative signaling power of Dutch-auction and fixed-price self-tender offers and open-market share repurchases. Journal of Finance, 46: 1243-1271.
    • (1991) Journal of Finance , vol.46 , pp. 1243-1271
    • Comment, R.1    Jarrell, G.A.2
  • 19
    • 79958280234 scopus 로고    scopus 로고
    • Is the market underreacting or overreacting to open market share repurchases? A UK perspective
    • Crawford, I. & Wang, Z. 2012. Is the market underreacting or overreacting to open market share repurchases? A UK perspective. Research in International Business and Finance, 26: 26-46.
    • (2012) Research in International Business and Finance , vol.26 , pp. 26-46
    • Crawford, I.1    Wang, Z.2
  • 20
    • 0039619858 scopus 로고    scopus 로고
    • Equity undervaluation and decisions related to repurchase tender offers: An empirical investigation
    • D'mello, R. & Shroff, P. K. 2000. Equity undervaluation and decisions related to repurchase tender offers: An empirical investigation. Journal of Finance, 55: 2399-2424.
    • (2000) Journal of Finance , vol.55 , pp. 2399-2424
    • D'mello, R.1    Shroff, P.K.2
  • 21
    • 84864331614 scopus 로고    scopus 로고
    • The effect of ownership and stock liquidity on the timing of repurchase transactions
    • De Cesari, A., Espenlaub, S., Khurshed, A., & Simkovic, M. 2012. The effect of ownership and stock liquidity on the timing of repurchase transactions. Journal of Corporate Finance, 18: 1023-1050.
    • (2012) Journal of Corporate Finance , vol.18 , pp. 1023-1050
    • De Cesari, A.1    Espenlaub, S.2    Khurshed, A.3    Simkovic, M.4
  • 22
    • 0039646787 scopus 로고    scopus 로고
    • Agency problems, equity ownership, and corporate diversification
    • Denis, D. J., Denis, D. K., & Sarin, A. 1997. Agency problems, equity ownership, and corporate diversification. Journal of Finance, 52: 135-160.
    • (1997) Journal of Finance , vol.52 , pp. 135-160
    • Denis, D.J.1    Denis, D.K.2    Sarin, A.3
  • 23
    • 0007985438 scopus 로고    scopus 로고
    • Why do firms repurchase stock?
    • Dittmar, A. K. 2000. Why do firms repurchase stock? Journal of Business, 73: 331-355.
    • (2000) Journal of Business , vol.73 , pp. 331-355
    • Dittmar, A.K.1
  • 24
    • 50249086374 scopus 로고    scopus 로고
    • Dividends and share repurchases in the European Union
    • Eije, H. & Megginson, W. L. 2008. Dividends and share repurchases in the European Union. Journal of Financial Economics, 89: 347-374.
    • (2008) Journal of Financial Economics , vol.89 , pp. 347-374
    • Eije, H.1    Megginson, W.L.2
  • 25
    • 84879103673 scopus 로고    scopus 로고
    • What are the characteristics of firms that engage in earning per share management through share repurchases?
    • Farrell, K. A., Yu, J., & Zhang, Y. 2013. What are the characteristics of firms that engage in earning per share management through share repurchases? Corporate Governance: An International Review, 21: 334-350.
    • (2013) Corporate Governance: An International Review , vol.21 , pp. 334-350
    • Farrell, K.A.1    Yu, J.2    Zhang, Y.3
  • 26
    • 84856992695 scopus 로고    scopus 로고
    • Open market repurchases: Signaling or managerial opportunism?
    • Fried, J. M. 2001. Open market repurchases: Signaling or managerial opportunism? Theoretical Inquiries in Law, 2: 865-894.
    • (2001) Theoretical Inquiries in Law , vol.2 , pp. 865-894
    • Fried, J.M.1
  • 27
    • 30944457140 scopus 로고    scopus 로고
    • Ownership structure and open market stock repurchases in France
    • Ginglinger, E. & L'her, J. F. 2006. Ownership structure and open market stock repurchases in France. European Journal of Finance, 12: 77-94.
    • (2006) European Journal of Finance , vol.12 , pp. 77-94
    • Ginglinger, E.1    L'her, J.F.2
  • 28
    • 33645160245 scopus 로고    scopus 로고
    • An equilibrium model of incentive contracts in the presence of information manipulation
    • Goldman, E. & Slezak, S. L. 2006. An equilibrium model of incentive contracts in the presence of information manipulation. Journal of Financial Economics, 80: 603-626.
    • (2006) Journal of Financial Economics , vol.80 , pp. 603-626
    • Goldman, E.1    Slezak, S.L.2
  • 29
    • 1842813970 scopus 로고    scopus 로고
    • The information content of share repurchase programs
    • Grullon, G. & Michaely, R. 2004. The information content of share repurchase programs. Journal of Finance, 59: 651-680.
    • (2004) Journal of Finance , vol.59 , pp. 651-680
    • Grullon, G.1    Michaely, R.2
  • 30
    • 0032325555 scopus 로고    scopus 로고
    • The effect of ownership structure on firm performance: Additional evidence
    • Han, K. C. & Suk, D. Y. 1998. The effect of ownership structure on firm performance: Additional evidence. Review of Financial Economics, 7: 143-155.
    • (1998) Review of Financial Economics , vol.7 , pp. 143-155
    • Han, K.C.1    Suk, D.Y.2
  • 32
    • 78649974527 scopus 로고    scopus 로고
    • The contribution of stock repurchases to the value of the firm and cash holdings around the world
    • Haw, I. M., Ho, S., Hu, B., & Zhang, X. 2011. The contribution of stock repurchases to the value of the firm and cash holdings around the world. Journal of Corporate Finance, 17: 152-166.
    • (2011) Journal of Corporate Finance , vol.17 , pp. 152-166
    • Haw, I.M.1    Ho, S.2    Hu, B.3    Zhang, X.4
  • 33
    • 0001574630 scopus 로고    scopus 로고
    • A review of the earnings management literature and its implications for standard setting
    • Healy, P. & Wahlen, J. 1998. A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13: 365-383.
    • (1998) Accounting Horizons , vol.13 , pp. 365-383
    • Healy, P.1    Wahlen, J.2
  • 35
    • 79251607962 scopus 로고    scopus 로고
    • Testing the managerial timing ability: Evidence from stock repurchase in Japan
    • Ishikawa, M. & Takahashi, H. 2011. Testing the managerial timing ability: Evidence from stock repurchase in Japan. Finance Research Letters, 8: 21-27.
    • (2011) Finance Research Letters , vol.8 , pp. 21-27
    • Ishikawa, M.1    Takahashi, H.2
  • 36
    • 1842715235 scopus 로고    scopus 로고
    • Motives for multiple open-market repurchase programs
    • Jagannathan, M. & Stephens, C. 2003. Motives for multiple open-market repurchase programs. Financial Management, 32: 71-91.
    • (2003) Financial Management , vol.32 , pp. 71-91
    • Jagannathan, M.1    Stephens, C.2
  • 38
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen, M. C. & Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3: 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 39
    • 0013137533 scopus 로고    scopus 로고
    • The Korean corporate sector: Crisis and reform
    • O. Y. Kwon & W. Shepherd (Eds.), Cheltenham: Edward Elgar.
    • Joh, S. W. 2001. The Korean corporate sector: Crisis and reform. In O. Y. Kwon & W. Shepherd (Eds.), Korea's Economic Prospects: From Financial Crisis to Prosperity: 116-132. Cheltenham: Edward Elgar.
    • (2001) Korea's Economic Prospects: From Financial Crisis to Prosperity , pp. 116-132
    • Joh, S.W.1
  • 40
    • 20044369976 scopus 로고    scopus 로고
    • An empirical comparison between operations of stabilization funds and stock repurchases in Korea
    • Jung, S. C., Lee, Y., & Thornton, J. H., Jr. 2005. An empirical comparison between operations of stabilization funds and stock repurchases in Korea. Pacific-Basin Finance Journal, 13: 319-341.
    • (2005) Pacific-Basin Finance Journal , vol.13 , pp. 319-341
    • Jung, S.C.1    Lee, Y.2    Thornton Jr, J.H.3
  • 42
    • 55149122056 scopus 로고    scopus 로고
    • East meets west? Board characteristics in an emerging market: Evidence from Turkish banks
    • Kaymak, T. & Bektas, E. 2008. East meets west? Board characteristics in an emerging market: Evidence from Turkish banks. Corporate Governance: An International Review, 16: 550-561.
    • (2008) Corporate Governance: An International Review , vol.16 , pp. 550-561
    • Kaymak, T.1    Bektas, E.2
  • 44
    • 0037719228 scopus 로고    scopus 로고
    • Repurchase announcements, lies and false signals
    • Kracher, B. & Johnson, R. R. 1997. Repurchase announcements, lies and false signals. Journal of Business Ethics, 16: 1677-1685.
    • (1997) Journal of Business Ethics , vol.16 , pp. 1677-1685
    • Kracher, B.1    Johnson, R.R.2
  • 45
    • 80051589915 scopus 로고    scopus 로고
    • Cash holdings and share repurchases: International evidence
    • Lee, B. S. & Suh, J. 2011. Cash holdings and share repurchases: International evidence. Journal of Corporate Finance, 17: 1306-1329.
    • (2011) Journal of Corporate Finance , vol.17 , pp. 1306-1329
    • Lee, B.S.1    Suh, J.2
  • 47
    • 56749161700 scopus 로고    scopus 로고
    • Disappearing internal capital markets: Evidence from diversified business groups in Korea
    • Lee, S., Park, K., & Shin, H. H. 2009. Disappearing internal capital markets: Evidence from diversified business groups in Korea. Journal of Banking & Finance, 33: 326-334.
    • (2009) Journal of Banking & Finance , vol.33 , pp. 326-334
    • Lee, S.1    Park, K.2    Shin, H.H.3
  • 48
    • 28044435365 scopus 로고    scopus 로고
    • Long-term stock performance after open-market repurchases in Korea
    • Lee, Y., Jung, S. C., & Thornton, J. H., Jr. 2005. Long-term stock performance after open-market repurchases in Korea. Global Finance Journal, 16: 191-209.
    • (2005) Global Finance Journal , vol.16 , pp. 191-209
    • Lee, Y.1    Jung, S.C.2    Thornton Jr, J.H.3
  • 49
    • 23944500526 scopus 로고    scopus 로고
    • Operating performance following open market share repurchase announcements
    • Lie, E. 2005. Operating performance following open market share repurchase announcements. Journal of Accounting and Economics, 39: 411-436.
    • (2005) Journal of Accounting and Economics , vol.39 , pp. 411-436
    • Lie, E.1
  • 50
    • 0032416726 scopus 로고    scopus 로고
    • Fashioning a new Korean model out of the crisis: The rebuilding of institutional capabilities
    • Mathews, J. A. 1998. Fashioning a new Korean model out of the crisis: The rebuilding of institutional capabilities. Cambridge Journal of Economics, 22: 747-759.
    • (1998) Cambridge Journal of Economics , vol.22 , pp. 747-759
    • Mathews, J.A.1
  • 51
    • 0011088442 scopus 로고
    • Additional evidence on equity ownership and corporate value
    • McConnell, J. J. & Servaes, H. 1990. Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27: 595-612.
    • (1990) Journal of Financial Economics , vol.27 , pp. 595-612
    • McConnell, J.J.1    Servaes, H.2
  • 52
    • 34548312370 scopus 로고    scopus 로고
    • Incentives for on-market buy-backs: Evidence from a transparent buy-back regime
    • Mitchell, J. D. & Dharmawan, G. V. 2007. Incentives for on-market buy-backs: Evidence from a transparent buy-back regime. Journal of Corporate Finance, 13: 146-169.
    • (2007) Journal of Corporate Finance , vol.13 , pp. 146-169
    • Mitchell, J.D.1    Dharmawan, G.V.2
  • 53
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck, R., Shleifer, A., & Vishny, R. W. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20: 293-315.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.W.3
  • 56
    • 33745788572 scopus 로고    scopus 로고
    • Corporate governance, crony capitalism and economic crisis: Should the US business model replace the Asian way of doing business?
    • Singh, A. & Zammit, A. 2006. Corporate governance, crony capitalism and economic crisis: Should the US business model replace the Asian way of doing business? Corporate Governance: An International Review, 14: 220-233.
    • (2006) Corporate Governance: An International Review , vol.14 , pp. 220-233
    • Singh, A.1    Zammit, A.2
  • 57
    • 0037404250 scopus 로고    scopus 로고
    • Agency costs, ownership structure and corporate governance mechanisms
    • Singh, M. & Davidson, W. N., III. 2003. Agency costs, ownership structure and corporate governance mechanisms. Journal of Banking & Finance, 27: 793-816.
    • (2003) Journal of Banking & Finance , vol.27 , pp. 793-816
    • Singh, M.1    Davidson, W.N.2
  • 59
    • 84855251845 scopus 로고    scopus 로고
    • How does prior information affect analyst forecast revisions?
    • Song, M. 2008. How does prior information affect analyst forecast revisions? Asia-Pacific Journal of Financial Studies, 37: 1133-1160.
    • (2008) Asia-Pacific Journal of Financial Studies , vol.37 , pp. 1133-1160
    • Song, M.1
  • 61
    • 49049145214 scopus 로고
    • Common stock repurchases and market signaling: An empirical study
    • Vermaelen, T. 1981. Common stock repurchases and market signaling: An empirical study. Journal of Financial Economics, 9: 139-183.
    • (1981) Journal of Financial Economics , vol.9 , pp. 139-183
    • Vermaelen, T.1
  • 62
    • 33646477423 scopus 로고    scopus 로고
    • How do family ownership, control and management affect firm value?
    • Villalonga, B. & Amit, R. 2006. How do family ownership, control and management affect firm value? Journal of Financial Economics, 80: 385-417.
    • (2006) Journal of Financial Economics , vol.80 , pp. 385-417
    • Villalonga, B.1    Amit, R.2
  • 63
    • 84866144463 scopus 로고    scopus 로고
    • Does corporate governance quality lend credibility to open-market share repurchase announcement?
    • Wu, R. 2012. Does corporate governance quality lend credibility to open-market share repurchase announcement? Corporate Governance: An International Review, 10: 490-508.
    • (2012) Corporate Governance: An International Review , vol.10 , pp. 490-508
    • Wu, R.1
  • 64
    • 77953913563 scopus 로고    scopus 로고
    • Long-run stock performance following stock repurchases
    • Yook, K. C. 2010. Long-run stock performance following stock repurchases. Quarterly Review of Economics and Finance, 50: 323-331.
    • (2010) Quarterly Review of Economics and Finance , vol.50 , pp. 323-331
    • Yook, K.C.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.