초록

In this study, we investigate the effects of various types of corporate ownership andgovernance and exportation on firm values of exporting firms in Korea. We applied varioustypes of econometric models like ordinary least squares model, random effects panel modeland fixed effects panel model, among which we selected the last one by applying BreuschPagan Lagrangian multiplier tests, Hausman tests, etc. for a dataset with 10,152 firmobservations provided by the Korea Information Service(KIS-Value) from 1991 till 2011. The major findings are summarized as follows. First, there is a positive relationshipbetween the export ratio, measured by export to sales, and the values of firms, measured byTobin 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 relationshipbetween foreign ownership and the values of firms. Fourth, there is a positive relationshipbetween the firms affiliated with big-firm groups, generally called chaebols, and their mutualownership among member group firms, and the values of firms. Fifth, there is a positiveeffect of good relationships between the management and the values of firms. We also foundsome different effects of factors between exporting firms and non-exporting firms on firmvalues. From the study, we found that the growth in size and values of Korean firms dependheavily on exportation unlike non-exporting firms. In addition, their affiliation in large groupsor larger affiliate ownership positively affects their growth in terms of value relative toaccounting profitability, leverage, firm size and previous year's firm values.

키워드

Firm Value, Exportation, Ownership Structure, Tobin Q, Panel Analysis

참고문헌(24)open

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