Effects of Cash Holding and Intangible Assets on Firm Value

• 영문명: Effects of Cash Holding and Intangible Assets on Firm Value
• 발행기관: 글로벌융합연구학회
• 저자명: Young-Jae Chang Tae-Yeong Choi Jin-Hwang Kim
• 간행물 정보: 『글로벌융합연구학회지』제2권 제2호, 102~110쪽, 전체 9쪽
• 주제분류: 복합학 > 학제간연구
• 파일형태: PDF
• 발행일자: 2023.12.31

영문 초록

We examine the effects of cash holding and intangible assets on firm value. Using the listed companies in the KOSPI and KOSDAQ markets, we find the following results. First, cash holding and intangible assets are positively related to firm value measured by Tobin’s Q(TQ) for the KOSPI market. Second, intangible assets are positively related to TQ for the KOSDAQ market. But cash holding is not related to TQ for the KOSDAQ market. Third, cash holding is positively related to economic value added (EVA) for the KOSPI market, while intangible assets are negatively related to EVA for the KOSPI market. Four, cashing holding is positively related to EVA for the KOSDAQ market but intangible assets are negatively related to EVA for the KOSDAQ market. In summary, these results imply that first, cash holding increases firm value up to the breakpoint, after which the cash holding reduces firm value.

목차

1. Introduction

2. Theoretical Background

3. Research Model and Data

4. Empirical Results

5. Conclusion

6. Acknowledgments

References

키워드

Cash Holding Intangible Assets Firm Value Tobin’s Q EVA