Journal of the Korea Convergence Society (한국융합학회논문지)

Korea Convergence Society (한국융합학회)
권호 표지
DOI QR코드

DOI QR Code

The Relationship between Real Estate Holdings and Firm's Value : Comparisons between KOSPI and KOSDAQ Companies

부동산보유비중의 기업가치 관련성 : 코스피기업과 코스닥기업의 비교

  • Lee, Chan-Ho (Dept. of Business Administration, Pusan National University)
  • Received : 2018.08.01
  • Accepted : 2018.11.20
  • Published : 2018.11.28
Download PDF
⟨ Previous Next ⟩

Abstract

The purpose of this study is to analyze how Corporate Real Estate Ratio affects Firm's Value for KOSPI Companies and KOSDAQ Companies. The period of analysis is the period of the Financial Crisis (2007-2008), the period immediately after the Financial Crisis (2009-2011), and the period following the introduction of IFRS (2012-2016). The samples of 2761 KOSPI Companies years and 3719 KOSDAQ Companies years are used in this study. The result of Regression Analysis shows that the higher Corporate Real Estate Ratio is, the more negative Firm's Value is. In the comparison of markets, both KOSPI Companies and KOSDAQ Companies had no statistically significant effects during the Financial Crisis. Although KOSDAQ Companies had a greater negative effect on the Firm's Value than KOSPI Companies right after the Financial Crisis, KOSPI Companies have had a greater negative influence on the Firm's Value than KOSDAQ Companies since the introduction of IFRS. Therefore, each corporation should pay more attention to identifying the appropriate amount of their Corporate Real Estate Ratio and should continue to analyze and make decisions on the most efficient use of real estate which is owned by each company. This study shows speciality in dividing into three period, such as the period of the Financial Crisis, the period immediately after the Financial Crisis, and the period following the introduction of IFRS and comparing the degree of influence on the KOSPI Companies and KOSDAQ Companies for the each period. I hope to study the factors that affect the company's real estate policy.

본 연구는 기업의 부동산보유비중이 기업가치에 어떤 영향을 미치는가에 대하여 코스피시장기업과 코스닥시장기업을 대상으로 분석하였다. 분석기간은 금융위기 기간(2007~2008년), 금융위기 직후기간(2009~2011년), IFRS 도입 이후 기간(2012~2016년)이며, 코스피 2761개 기업연도, 코스닥 3719개 기업연도의 표본을 사용하였다. 회귀분석 결과 전체적으로 기업의 부동산보유비중이 높을수록 기업가치는 음(-)의 관련성을 갖고 있었고, 이를 각 시장별로 비교해 보면 금융위기 기간 중에는 코스피기업과 코스닥기업 모두 통계적으로 유의한 영향을 미치지 않았으며, 금융위기 직후에는 코스닥기업이 코스피기업에 비해 기업가치에 더 큰 음(-)의 영향을 미쳤으나 IFRS도입 이후 최근까지는 코스피기업이 코스닥기업에 비해 기업가치에 더 큰 음(-)의 영향을 미쳤다. 따라서 각 기업은 그 기업에서의 적정한 부동산보유비중 정도를 파악하는데 보다 많은 관심을 가져야 할 것이고 각 기업이 보유한 부동산의 최유효활용방안에 대한 분석과 결정을 끊임없이 해야 할 것으로 판단된다. 본 연구는 부동산보유비중의 기업가치 관련성에 대하여 기간을 3개로 구분하여 각각의 기간에 대하여 코스피시장 기업과 코스닥시장기업에 따른 그 영향정도를 각각 비교한 점에서 차별성을 갖는다. 향후 기업의 부동산보유비중에 영향을 미치는 요인을 포함하는 연구를 희망한다.

Keywords

Table 1. Descriptive Statistics

OHHGBW_2018_v9n11_353_t0001.png 이미지

Table 2. Descriptive Statistics

OHHGBW_2018_v9n11_353_t0002.png 이미지

Table 3. Pearson Correlation (2007~2011년)

OHHGBW_2018_v9n11_353_t0003.png 이미지

Table 4. Pearson Correlation (2012~2016년)

OHHGBW_2018_v9n11_353_t0004.png 이미지

Table 5. Results of regression

OHHGBW_2018_v9n11_353_t0005.png 이미지

Table 6. Results of regression

OHHGBW_2018_v9n11_353_t0006.png 이미지

Table 7. Results of regression

OHHGBW_2018_v9n11_353_t0007.png 이미지

Table 8. Results of regression(Summary)

OHHGBW_2018_v9n11_353_t0008.png 이미지

References

  1. G. Donaldson. (1984). Managing Corporate Wealth : The Operations of a Comprehensive Financial Goals Systems, New York : Praeger Publishers.
  2. D. W. Kim, M. C. Kim & B .G. Kim. (2014). An Empirical Study on the Factors between Korean Corporate Governance and Corporate Real Estate Holding Policies. Review of DEAHAN Association of Business Administration, May, 588-607.
  3. D. W. Kim & B. G. Kim. (2015). Corporate Investment Real Estate and Corporate Value -Evidence from Korean Listed Companies-, Review of business & economics, 28(6), 2523-2542.
  4. M. C. Kim. (2014). A Study on the Effect of Corporate Real Estate Policy and Corporate Governance on Firm Value. Doctoral dissertation. Changwon National University, KyeongNam.
  5. W. S. Jung. (2010). An Empirical Study on the Relationship Between Corporate Real Estate Ownership and the Price Book Value Ratio. Real Estate Research, 20(2), 65-89.
  6. Y. S. Choi. (2012). A Study on the Effect of Corporate Real Estate Acquisition and Sale on the Corporation Value. Master dissertation. KonKuk University, Seoul.
  7. B. M. Kim & C. H. Lee. (2018). The Relationship on Corporate Governance, Corporate Real Estate Holding Policies and Firm Value: Focus on IFRS Adoption. Journal of Digital Convergence, 16(9), 125-132. https://doi.org/10.14400/JDC.2018.16.9.125
  8. C. H. Lee. (2017). A Study on Relations of Macroeconomic Events and Investment Real Estate Holdings of Corporate -Including comparisons of KOSPI and KOSDAQ Listed Companies in Financial Crisis-. Journal of Digital Convergence, 15(11), 113-120. https://doi.org/10.14400/JDC.2017.15.11.113
  9. J. S. Kim & G. W. Jeong. (1993). A Study on the Corporate Real Estate Retention and Corporation Value. The Korean Journal of Financial Management, 10(2), 53-81.
  10. J. S. Kang & H. T. Sim. (1998). The Effect of Real Estate Holdings on Price to Book Value Ratio. Journal of Tax and Accounting, 5(1). 361-384
  11. W. C. Gang & S. S. Ko. (2015). An Empirical Study on the Influence of the Corporate Real Estate on the value of Firm. Korea Capital Market Institute, 29(1), 191-214.
  12. R. Constand & M. Lewis & J. Sullivan. (1991). Factors Affecting Price Earnings Ratios and Market Value of Japanese Firms. Financial Management, 20(4), 68-79. https://doi.org/10.2307/3665713
  13. H. Y. Lee & M. H. Cho. (2009). An Empirical Study on the Influence of the Possession and Investment Estate on the Value of Firm. Korean Corporation Management Review, 16(4), 67-81.
  14. J. S. Kim & J. H. Choi. (1995), A study on the effect of the corporate real estate acquisition and sale on the stock return. Journal of Korea Securities, 18(1), 283-332.
  15. D. Brounen & G. Colliander & P. M. A. Eichhiltz. (2009). Corporate Real Estate and Stock Performance in the International Retail Sector. Journal of Corporate Real Estate, 7(4), 287-299. https://doi.org/10.1108/14630010510651061
  16. M. D. Kim. (2016). A Study on the Effect of Corporate Social Responsibility on Corporate Real Estate Policy : Using KEJI Index and SRI Index, Doctoral dissertation. Pusan National University, Busan.
  17. J. G. Sohn & S. H. Kim & K. S. Bae. (2016). Selling and Administrative Expenses according to Company Characteristics Impact on the Enterprise Value. Tax Accounting Research, 48, 77-100.
  18. J. M. Kwak. (2016). Relevancy between Technology Value and Firm Value of KOSPIIPO Firm. Tax Accounting Research, 48, 57-75.
  19. T. W. Kim & I. O. Hawng. (2017). Firm Value and Discretionary Accruals on Earnings Loss Avoidance Firms. Tax Accounting Research, 51, 1-25.
  20. H. S. Wang & H. H. Ki. (2016). Capital Cost and Value Relevance between Global and Non-global Firms since K-IFRS. Tax Accounting Research, 50, 19-40.
  21. R. Morck & A. Shleifer & R. Vishny. (1988). Management Ownership and Market Valuation : An Empirical Analysis. Journal of Financial Economics, 20, 293-316. https://doi.org/10.1016/0304-405X(88)90048-7
  22. T. Mitton. (2002). A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis. Journal of Financial Economics, 64, 215-241. https://doi.org/10.1016/S0304-405X(02)00076-4
  23. J. S. Baek, J. K. Kang & K. S. Park. (2004). Corporate Governance and Firm Value: Evidence Form the Korean Financial Crisis. Journal of Financial Economics, 71, 265-313. https://doi.org/10.1016/S0304-405X(03)00167-3
  24. F. L. Jones. (1996). The Incremental Content of the Auditor's going-concern Evaluation. Journal of Accounting and Public Policy, 15, 1-27. https://doi.org/10.1016/0278-4254(95)00062-3
  25. A. D. Blay & M. A. Geiger. (2001). Market Expectation for First-Time Going-Concern Recipients. Journal of Accounting, Auditing and Finance, 209-226.
  26. R. Atiase. (1985). Predisclosure Information Firm Capitalization and Security Price Behavior Around Earnings Announcements. Journal of Accounting Research, 23, 21-36. https://doi.org/10.2307/2490905
  27. S. K. Fleak & E. R. Wilson. (1994). The Incremental Information Content of the Going-concern Audit Opinion. Journal of Accounting, Auditing and Finance, winter, 149-166.
  28. M. DeFond & J. Jiambalvo. (1994). Debt Covenant Violation and Manipulation of Accruals. Journal of Accounting and Economics, 17(January), 145-176. https://doi.org/10.1016/0165-4101(94)90008-6
  29. P. Healy & K. Palepu. (1993). The Effect of Firm's Financial Disclosure Policies on Stock Prices. Accounting Horizons, 7(March), 1-11.
  30. K. I. Kim. (2016). The Impact of several management tools and techniques adoption on strong small business enterprises' Performance. Journal of Convergence Society for SMB, 6(3), 7-12.
  31. S. M. Kim & H. S. Choi. (2013). Analysis on the Relation between Small and Medium Firm's Stability and Tax Avoidance. Journal of Convergence Society for SMB, 3(2), 1-8.