접대비, 광고선전비, 기부금의 상대적 가치관련성 분석

• 영문명: The Value Relevance of Intangible Expenditures
• 발행기관: 한국산업경영학회
• 저자명: 권기정(Gee-Jung Kwon)
• 간행물 정보: 『한국산업경영학회 발표논문집』2012년도 동계학술대회 발표논문집, 538~559쪽, 전체 21쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2012.02.24

영문 초록

This paper investigates the comparative value relevance of entertainment, advertising, and donation expenditures in Korean stock markets over the period of 2000-2010. To do this, this paper develops three hypotheses. First, entertainment expenditure is significantly related to firm value. Second, advertising expenditure is significantly related to firm value. Third, donation expenditure is significantly related to firm value. Especially, this paper divide total samples into several subsamples to observe precise characteristics of three expenditures in Korean financial markets. Empirical results show important evidences about the comparative value relevance of entertainment, advertising, and donation expenditures. First, advertising and donation expenditures have positive value relevance, while entertainment cost is negatively associated with firm value in total sample group. Second, entertainment expenditure has negative association with firm value in KOSDAQ sample group, while it is positively associated to firm value in KOSPI sample group. Adverse to entertainment cost, advertising and donation expenditure have positive value relevance both in KOSPI and KOSDAQ sample groups. Third, entertainment cost is negatively associated to firm value in big firm group, whereas it has positive relationship with firm value in small&medium firm sample group. But advertising and donation expenditure have positive association with firm value both in big and small&medium firm sample groups. Forth, in low-tech firm group, entertainment and advertising cost have negative relationship with firm value, while they are positively associated to high-tech firm group. Adversely, donation expenditure have positive association with firm value both in high-tech and low-tech firm sample groups. These results suggest that entertainment, advertising and donation expenditures have significant impact on firm value and this is differentiated by firms' characteristics such as markets, firm size, and technology level.

목차

Ⅰ. 서론

Ⅱ. 이론적 배경

Ⅲ. 가설설정 및 연구모형

Ⅳ. 실증분석 및 결과해석

Ⅴ. 결론

참고문헌

키워드

Entertainment Expenditure Advertising Expenditure Donation Expenditure firm Value Value Relevance