팬데믹 선언이 언택트 기업의 기업가치에 미치는 영향

• 영문명: Does the Pandemic Declaration influence the Firm Value of the Untact Firms?
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 박수규(Su-Kyu Park) 조진형(Jin-Hyung Cho)
• 간행물 정보: 『아태비즈니스연구』아태비즈니스연구 제13권 제1호, 247~262쪽, 전체 16쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2022.03.30

영문 초록

Purpose The purpose of this study is to examine the impact of the Pandamic Declaration on ‘untact firms’ listed in KOSPI and KOSDAQ market in order to verify Investor Mania Hypothesis. Design/methodology/approach This study collected financial data for 44 untact firms in KOSPI and KOSDAQ market. Then, we employed ESM(Event Study Methodology), EGARCH model and DID(Difference-In-Difference) for analysis. Findings - First, in contrast with the benchmarking index, KOSPI 200 which shows a negative (-) abnormal return trend, the untact firms have positive abnormal return trend consistently. Second, after the Pandemic Declaration, the variability of abnormal return for the untact firms is found to be significantly positive. Third, we find that the cumulative abnormal return and volatility of the untact firms significantly increase after the Pandemic Declaration. Research implications or Originality - Based on the Investor Mania Hypothesis, we confirm that the market potential of untact firms after the Pandemic Declaration is observed when compared with the KOSPI 200.

목차

Ⅰ. 서론

Ⅱ. 선행 연구

Ⅲ. 방법론

Ⅳ. 실증분석

Ⅴ. 결론

키워드

COVID-19 Difference in Differences Event Study Pandemic Declaration Stock Price Volatility