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The global success of the K-pop music industry impacts the investment climate of the entertainment industry in the South Korean stock market. One of the driving factors attracting investors is the awards obtained by the K-pop idols. Hence, this event study investigates whether idols’ receiving awards creates stock abnormal returns (ARs) and cumulat...
Contexts in source publication
Context 1
... SMA 2019, the stock returns of all companies increased on the event day, but declining for two days following the event (see figure 2) as a result of investors' confidence in award-winning At SMA 2019, the stock returns of all companies increased on the event day, but declined for two days following the event (see figure 2) as a result of investors' confidence in award-winning idols. Investors believe that the company's stock price that houses the idol will increase, resulting in a simultaneous and massive sale of stocks, causing the price to decline. ...
Context 2
... SMA 2019, the stock returns of all companies increased on the event day, but declining for two days following the event (see figure 2) as a result of investors' confidence in award-winning At SMA 2019, the stock returns of all companies increased on the event day, but declined for two days following the event (see figure 2) as a result of investors' confidence in award-winning idols. Investors believe that the company's stock price that houses the idol will increase, resulting in a simultaneous and massive sale of stocks, causing the price to decline. ...
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Citations
... This shows that each member can individually develop their branding power (Diderich, 2023). Issues and news about an idol can affect the stock price of related music companies (Chofifah & Suryani, 2022). The market size of South Korea's entertainment industry continues to grow, and the popularity of K-pop is increasing globally (Messerlin & Shin, 2013). ...
... Cung & Rakhmat (2022) found that significant events in the entertainment industry, including artist debuts, often result in notable changes in the abnormal returns of related companies' stocks. Chofifah & Suryani (2022) also highlighted how celebrity-related events directly impact investor behavior and market performance. Lubis et al. (2023) observed significant abnormal returns surrounding the debut of K-pop artists, indicating strong market reactions. ...
... However, the results contrast with the findings of Cung & Rakhmat (2022), Chofifah & Suryani (2022), Lubis et al. (2023), and Machfudi & Isynuwardhana (2023), who reported significant changes in abnormal returns following major entertainment industry events, such as artist debuts. This discrepancy could be due to differences in the events studied, market conditions, or methodologies. ...
Objective: This study analyzes the South Korean stock market reaction to HYBE stock before and after Park Ji Min's solo debut on March 24, 2023. Research Design and Methodology: The analytical techniques applied are the paired sample t-test for normally distributed data, the Wilcoxon signed rank test for non-normally distributed data, and the single index model technique for beta risk variables. Findings and Discussion: The results showed significant differences in abnormal returns, stock prices, and beta risk of HYBE shares before and after Park Ji Min's solo debut. Implications: This research makes a unique contribution to the accounting and financial management field by providing insights into international investment and its relation to signaling theory and event study. It can significantly advance our understanding in these areas and pave the way for further research.
