본 연구는 외국인 기관투자가 지분변동 공시가 기업지배구조와 주가에 미치는 영향을 연구하였다. 이 연구에서는 외국인 기관투자가들이 정보의 불균형을 줄이기 위하여 기업지배구조가 좋은 기업에 투자를 하게 되며 기업지배구조가 좋은 기업들은 비정상수익률이 높다는 것을 밝히고자 한다. 또한 외국인 기관투자가들은 그들이 보유하고 있는 주식지분에 비하여 기업지배구조 개선에 적극적으로 참여하지 않고 지배구조가 우수한 기업에 투자를 한다는 것은 기업지배구조 연구에 시사점을 제공할 수 있게 한다. 연구결과 외국인 기관투자가들은 지배구조가 좋은 기업에 투자를 하는 경향이 있으며 지배구조가 좋은 기업들은 투자지분 증가에 대하여 높은 비정상 수익률을 보이고 투자지분 감소에 대해 부정적인 영향이 지배구조가 좋지 않은 기업들에 비하여 적은 것으로 나타냈다.

This study examines the effects of corporate governance and stock price reaction by foreign institutional investors' equity ownership change. In particular, with regard to the quality of corporate governance structure, I looked into the stock price impacts of foreign institutional investors' the equity ownership changes. The event study and t-test methods were used for the empirical tests on the effects of foreign institutional investors' public announcement on equity ownership changes. I found that firms with better corporate governance, the CARs are more positive with regard to equity ownership increases by foreign investors, partly attributable to an information asymmetry. We can extend the research. For example, we can examine in depth any difference in information advantage between domestic and foreign investors. Both investors' behavioral pattern difference can be studied depending on corporate governance structures.

This study examines the effects of corporate governance and stock price reaction by foreign institutional investors' equity ownership change. In particular, with regard to the quality of corporate governance structure, I looked into the stock price impacts of foreign institutional investors' the equity ownership changes. The event study and t-test methods were used for the empirical tests on the effects of foreign institutional investors' public announcement on equity ownership changes. I found that firms with better corporate governance, the CARs are more positive with regard to equity ownership increases by foreign investors, partly attributable to an information asymmetry. We can extend the research. For example, we can examine in depth any difference in information advantage between domestic and foreign investors. Both investors' behavioral pattern difference can be studied depending on corporate governance structures.

information asymmetry, corporate governance, foreign institutional investors, equity ownership change