Browse > Article
http://dx.doi.org/10.5392/JKCA.2016.16.09.411

The Impact of the Media Law Reform on the Media/Contents Firms' Market Value: Event Study Analysis  

Park, Jongsur (건국대학교 언론홍보대학원)
Publication Information
The Journal of the Korea Contents Association / v.16, no.9, 2016 , pp. 411-422 More about this Journal
Abstract
The Media Law including Newspaper Law, Broadcasting Law and Internet Multimedia Law has been reformed in 2009. The main purpose of the reform was to allow media firms to gain a global competitive edge by opening doors to more investments that were nonexistent due to regulatory barriers. Also it aimed to contribute to an increase of employment in the media industry. This paper analyzes the impact that the Media Law reform of 2009 had on many media/contents company's future value by tracking abnormal returns gained during the period of the reform. The analysis with the capital market data of fifteen firms over a one-year period provided evidence that the new law has had an effect on the related firms' future value; however, the impact was shown to not be as significant in the long-term. This study has the significance in that it showed that the impact of the reform was not overall to the industry but given to the limited number of media company and confirmed the relatively strong effect of the unexpected events.
Keywords
Media Law; Media Policy; Event Study; Enterprise Value; Contents;
Citations & Related Records
Times Cited By KSCI : 1  (Citation Analysis)
연도 인용수 순위
1 정보통신정책연구원(KISDI), "방송규제완화의 경제적 효과분석," 이슈리포트, 2009.
2 이철행, "미디어 관련법 개정안의 주요 쟁점과 현실," 전국경제인 연합회 입법설명자료, pp.1-24, 2009.
3 김태오, "미디어법의 주요 쟁점 및 내용," 경제규제와 법, 제2권, 제2호, pp.182-186, 2009.
4 곽승구, 이학주, 이한별, 정혜영, 차재강, "방송통신융합과 미디어 정책 및 입법방향," KHU글로벌기업법무 리뷰, 제3권, 제1호, pp.203-225, 2010.
5 S. Peltzman, "Toward a more general theory of regulation," Journal of Law and Economics, Vol.19, pp.211-241, 1976.   DOI
6 양동우, 김다진, "기업의 R&D협력이 기업성과에 미치는 영향," 한국콘텐츠학회논문지, 제10권, 제14호, pp.306-316, 2010.
7 박재민, 이중만 "기업의 혁신활동이 기업성과에 미치는 영향," 한국콘텐츠학회논문지, 제11권, 제3호, pp.339-350, 2013   DOI
8 E. Fama, "Efficient capital markets: II," Journal of finance, Vol.46, pp.1575-1617, 1991.   DOI
9 A. Prager, "The effects of deregulating cable television: Evidence from the financial markets," Vol.4, No.4, pp.347-363, 1992.   DOI
10 K. Niquidet, "Revitalized? An event study of forest policy reform in British Columbia," Journal of Forest Economics, Vol.14, No.4, pp.227-241, 2008.   DOI
11 최원석, "종합부동산세 도입에 따른 주식시장 반응에 관한 연구," 조세연구, Vol.10, No.2, 통권 14호, pp.116-145, 2010.
12 B. Danaher, D. Michael, and T. Rahul, "The Effect of Graduated Response Anti-Piracy Laws on Music Sales: Evidence from an Event Study in France," Journal of Industrial Economics, Vol.62, No.3, pp.541-553, 2012.   DOI
13 오민준, 진창하, "주택시장 효율성에 관한 연구-사건연구를 중심으로," 부동산학연구, 제19집, 제1호, pp.5-24, 2013.
14 J. Binder, "Measuring the Effects of Regulation with Stock Price Data," The Rand Journal of Economics, Vol.16, No.2, pp.167-183, 1985.   DOI
15 S. Bhagat and R. Romano, EVENT STUDIES AND THE LAW: Part I: Technique and Corporate Litigation, John M. Olin Center for Studies in Law, Economics and Public Policy, Working Papers, 2001.
16 H. Izan, An Empirical Analysis of the Economic Effects of Mandatory Government Audit Requirements, Ph. D. dissertation, University of Chicago, 1978.
17 양홍주, "미디어법 통과 이후 미디어업계 등 전망," 관훈저널, 통권 112호, 가을호, pp.11-17, 2009.
18 R. Schweitzer, "How do stock returns react to special event," Business Review, July/August, pp.17-29, 1989.
19 문정은, 김병도, "환경경영이 기업가치에 미치는 영향," 경영논집, 제40권, 제3호, pp.89-121, 2006.
20 오병섭, 박지영, 정승환, 최강화, "한국의 서비스 품질상 수상이 기업가치에 미치는 영향:사건연구방법론적 접근," 경영과학, 제27권, 제3호, pp.161-196, 2010.
21 R. Ball and P. Brown, "An empirical evaluation of accounting income numbers," Journal of Accounting Research, Vol.6, pp.159-178, 1968.   DOI
22 J. Binder, "The Event Study Methodology Since 1969," Review of Quantitative Finance and Accounting, Vol.11, pp.111-137, 1998.   DOI
23 R. Brown, J. Durbin, and M. Evans, "Techniques for testing the constancy of regression relationships over time," Journal of the Royal Statistical Society, Series B, Vol.37, pp.149-192, 1975.
24 B. Bushnell, H. Chong, and E. Mansur, Profting from Regulation: Evidence from the European Carbon Market, NBER Working Paper, 2012.
25 C. Dolley, "Characteristics and Procedure of Common Stock Split-Ups," Harvard Bus. Rev., Apr. 11, pp.316-326, 1933.
26 W. Schwert, "Using Financial Data to Measure the Effects of Regulation," Joumai of Law and Economics, Vol.24, pp.121-158, 1981.   DOI
27 C. Krouse and J. Park, "Local exchange competition and the Telecommunications Act of 1996," Information economics and policy, Vol.15, pp.223-241, 2003.   DOI
28 D. Lamdin, Implementing and Interpreting Event Studies of Regulatory Changes, Working Paper, 2000.
29 A. MacKinlay, "Event Studies in Economics and Finance," Journal of Economic Literature, Vol.35, No.1, pp.13-39, 1997.