경영자의 경기전망이 기업가치에 미치는 영향

• 영문명: The Impact of Economic Outlook of the Manager on Firm Value
• 발행기관: 한국무역연구원
• 저자명: 박지윤 임병진 서용준
• 간행물 정보: 『무역연구』제18권 제6호, 191~204쪽, 전체 14쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2022.12.31

영문 초록

Purpose – In this study, we analyzed the relationship of manager predictions of the economic outlook on firm value. Design/Methodology/Approach – The manufacturing sector listed on the KOSPI market from 2006 to 2019 was selected as a sample. We used Tobin’s Q as the dependent variable and the BSI index as the independent variable for panel analysis. In addition, we subdivided the analysis to check whether there are differences in the economic outlook of managers by manufacturing, region, and industry. Findings – We confirmed that manager predictions of economic outlook have a significant effect on firm value. In particular, we confirmed that managers take action to increase firm value by thoroughly preparing for economic downturn in terms of sales and industry conditions. Research Implications – Our study is the first attempt to analyze the relationship between manager predictions of economic outlook on firm value. In addition, our study makes investors aware of the importance of predicting the economic outlook of managers and suggests a new investment decision index.

목차

Ⅰ. 서론

Ⅱ. 이론적 배경

Ⅲ. 연구방법론

Ⅳ. 실증분석 결과

Ⅴ. 결론

References

키워드

BSI Economic Outlook Firm Value