한국 기업의 다각화 수준과 기업가치간 관계에 관한 실증연구

Abstract

This study aims to analyze the relationship between diversification and firm value of the listed firms in Korea. The extant literatures on this issue have shown no consistent results, that means, some shows positive relationships but other not. This inconsistency may be attributed to not only the misunderstandings on the relationship between diversification and firm value but also the relatively small sample size, not enough to confirm the true relationship. In this paper nonlinear relationship is assumed and empirically tested with the data of 4,661 company-year sample points. Ordinary regression analysis with cubic equation are carried out and the nonlinear relationship is confirmed by the empirical tests. To test the range effects of the dependent variable, the firm value, quantile regression analysis was used. The empirical results show that the relationship between the level of diversification and firm value can be nonlinear, specifically cubic form, which has 2 inflection points. According to the quantile regression analysis this relationship, however, is not confirmed in the low quantile (10, and 25%) range of the firm value (dependent variable).