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

미디어법 개정이 미디어/콘텐츠기업가치에 미치는 영향분석: 사건연구의 활용

  • 박종서 (건국대학교 언론홍보대학원)
  • Received : 2016.05.24
  • Accepted : 2016.06.28
  • Published : 2016.09.28


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.


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