수출과 지분율구조가 수출기업 가치에 미치는 영향

• 영문명: The Effect of Exportation and Ownership on Values of Exporting Firms in Korea
• 발행기관: 한국무역연구원
• 저자명: 김미나(Mi na Kim) 김성환(Sung hwan Kim)
• 간행물 정보: 『무역연구』제11권 제1호, 413~431쪽, 전체 19쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2015.02.28

영문 초록

In this study, we investigate the effects of various types of corporate ownership and governance and exportation on firm values of exporting firms in Korea. We applied various types of econometric models like ordinary least squares model, random effects panel model and fixed effects panel model, among which we selected the last one by applying Breusch Pagan Lagrangian multiplier tests, Hausman tests, etc. for a dataset with 10,152 firm observations provided by the Korea Information Service(KIS-Value) from 1991 till 2011. The major findings are summarized as follows. First, there is a positive relationship between the export ratio, measured by export to sales, and the values of firms, measured by Tobin Q. Second, there is a negative relationship between the extent of largest shareholders' ownership and the values of firms. Third, there is a non-significant negative relationship between foreign ownership and the values of firms. Fourth, there is a positive relationship between the firms affiliated with big-firm groups, generally called chaebols, and their mutual ownership among member group firms, and the values of firms. Fifth, there is a positive effect of good relationships between the management and the values of firms. We also found some different effects of factors between exporting firms and non-exporting firms on firm values. From the study, we found that the growth in size and values of Korean firms depend heavily on exportation unlike non-exporting firms. In addition, their affiliation in large groups or larger affiliate ownership positively affects their growth in terms of value relative to accounting profitability, leverage, firm size and previous year's firm values.

목차

Abstract

Ⅰ. 서론

Ⅱ. 선행연구

Ⅲ. 가설 및 연구방법 설정

Ⅳ. 실증분석

Ⅴ. 결론

References

키워드

Firm Value Exportation Ownership Structure Tobin Q Panel Analysis