아태비즈니스연구 (Asia-Pacific Journal of Business)

  • 제10권4호
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  • Pages.77-86
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  • 2019
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  • 2233-5900(pISSN)
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  • 2384-3934(eISSN)
강원대학교 경영경제연구소 (KNU The Institute of Management & Economy Research)
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가족기업과 주가급락위험

Family Firms and Stock Price Crash Risk

  • 유혜영 (한세대학교 국제경영학과) ;
  • 채수준 (강원대학교 경영회계학부)
  • Ryu, Hae-Young (Department of International Business, Hansei University) ;
  • Chae, Soo-Joon (Division of Business Administration and Accounting, Kangwon National University)
  • 투고 : 2019.11.30
  • 심사 : 2019.12.24
  • 발행 : 2019.12.30
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초록

The purpose of this study is to examine how the characteristics of family firms affect stock price crash risk. Prior studies argued that the opacity of information due to agency problem causes a plunge in stock prices. The governance characteristics of family firms can increase information opacity which leads to crash risk. Therefore, this study verifies whether family firms have a high possibility of stock price crash risk. We use a logistic regression model to test the relationship between family firms and stock price crash risk using listed firms listed on the Korean Stock Exchange during the fiscal years 2011 through 2017. The family firm is defined as the case where the controlling shareholder is the chief executive officer or the registered executive. If the controlling shareholder's share is less than 5%, it is not considered a family business. We found that family firms are more likely to experience a plunge in stock prices. This supports the hypothesis of this study that passive information disclosure behavior and information opacity of family firms increase stock price crash risk.

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참고문헌

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피인용 문헌

  1. 기업의 재무제표 작성역량 강화방안에 관한 연구 vol.11, pp.1, 2019, https://doi.org/10.32599/apjb.11.1.202003.167