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주식매수선택권 도입이 기업 성장에 미치는 영향에 관한 연구: KOSDAQ IT 기업을 중심으로

주식매수선택권 도입이 기업 성장에 미치는 영향에 관한 연구: KOSDAQ IT 기업을 중심으로
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This paper studies the impact of stock options on Korean IT companies‟
management performance before and after initial public offering, especially on the growth and profitability. Specifically, the paper compared the change growth and profitability of the companies issuing stock options (Group A) with those of the companies not issuing stock options (Group B) around listing. Also, the paper analyzed the difference of growth and profitability of the companies in group A before and after the introduction of stock options. Furthermore, this paper studies how the effect of stock options on the management performance differs according to the firm size. This research is conducted on Korean IT companies who listed in KOSDAQ before 2006. To make a comparative study, three financial factors, the compound annual growth rate (CAGR), the return on assets (ROA), and the return on equity (ROE) were used. For the additional study, changes of annual cash flows from investing activities are used for the company‟
s long-term investment decisions. The analysis is conducted by t-test. The analysis suggests three conclusions.Firstly, companies granting stock options (group A) grow 45% faster than the companies without stock options (group B) on the listing year. Also, it shows there is significant difference in annual growth rate between group A and group B on that year but there are no significant differences in ROA and ROE between group A and group B on the listing year. And it shows that stock options encourage management decisions not regarding profitability but corporate growth around initial public offerings. Additionally, the analysis shows the annual growth rate of group A companies suddenly drops one or two years after listing. The reason for this is the executives‟
disappointment at the stock options they received for the values of the options they expected to be achieved after listing are not satisfied enough. Secondly, the study shows the annual growth rate have significant difference before and after the year when stock options are granted. But ROE and ROA shows no significant differences before and after granting stock options. Lastly, the study shows small companies have much more positive stock option effects in growth stock options than large companies. Small companies showed 7% growth after granting stock options but large companies show -41% growth after granting stock options. And from the additional study, the difference of stock option effects between these two groups is for the difference in investment decisions. Small companies increased future investment for increasing the future values of the options but large companies decreased investment for minimizing future risks. Additionally, the analysis show ROE of both small and large companies increased 2% and 7% after granting stock options. And the reason is supposed to raise the equity returns to increase the benefits of stock options. In conclusion, the study suggests a disagreement with previous literature supporting stock options performance. Firms granting stock options show higher growth rate only at the listing year than firms without stock options. Also, the stock options affect companies‟
profitability not significantly. However, the study suggests the performance of firms due to stock options is affected by firm size and stock options are more effective against the smaller companies than larger companies as incentives for the future growth.
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