외국인투자자의 경영참가와 주가행태 = Foreign Investor`s Participation in the Management and Stock Price

다국어 초록 (Multilingual Abstract)

Since the capital market has been opened in Korea, the importance of foreign investors has gradually risen up the concerns. However, up to now, some arguments have been made on whether the foreign investors have affected positively to the domestic stock market, or not. Numerous studies have been doing in this topic for that reason. The purpose of this study is to investigate the influence of the stock prices when foreigners invest to the domestic firms, especially with participation in management, while it would be under the assumption that the influences of foreign investors to the domestic firms would be positive(+). Much previous studies mainly did research about the effect of disclosure on the foreign investment, the author expands the scope of study on observing the long- term performance of the stock price and the management performance. The results are summarized as follows. Firstly, It turns out that the managing participation of the foreign investors have a positive(+) AR(abnormal return) in the stock market. This results may imply that investors expect the management performance improved by foreign investor. Namely, it is based on the reflection of their expectation that foreign investors can watch on the firm`s managers and fall down the agent cost.Secondly, since foreign investors are disclosed on the managing participation, the stock prices have shown a positive(+) BHAR and CAR, approximately for 3 years. Thirdly, since foreign investor take part in Korean firm management, their performance is improved. These results mean that the participation of foreign investors in the management have taken a effective management into the firms through their advanced business and monitoring management skill. Furthermore they have a improved performance of firms and a rise of stock price.

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