특수관계자 거래가 주가지연현상에 미치는 영향

Abstract

[Purpose]Korean firms have a characteristic that ownership is concentrated on specific people and relatives, and it has been reported that controlling shareholders pursue private interests through related party transactions. Firms report related party transactions through footnotes in financial statements, but the disclosure details are different for each firm. Therefore, firms with larger related party transactions have greater information asymmetry, so stock prices are not expected to immediately reflect transaction information.
 [Methodology]The sample period used in this study was from 2011 to 2019, and an analysis was conducted on non－financial firms listed in the Korean stock market. Financial data and stock price data used in the analysis were extracted from the KIS－VALUE database, and data on related party transactions were collected from the TS2000 database. Referring to the study of Hou and Moskowitz (2005), stock price delay, a dependent variable of the study, was measured.
 [Findings]The level of related party transactions had a positive relationship with the stock price delay phenomenon. The result can be interpreted as a slower rate at which stock prices reflect corporate information because firms with larger related party transactions have lower information transparency. In addition, the positive relationship between the size of related party transactions and the stock price delay phenomenon was significant only in chaebol firms.
 [Implications]The results of this study call attention to investors so that they can make careful investment decisions in consideration of the fact that the larger related party transactions, the stronger the stock price delay may appear. In addition, it suggests that regulatory agencies need to reorganize related laws so that details of related party transactions are disclosed in order to prevent market abnormalities such as stock price delays.