산업특성(산업 경쟁 강도, 산업 진입장벽, 산업 집중도)이 전략적 일탈과 기업가치의 관계에 미치는 영향

Abstract

[Purpose]This study examines the effects of industry－specific factors such as competition intensity, entry barriers, and concentration on strategic deviance and firm value. Prior studies in this field show that strategic deviance is an opportunism and financial opacity, cost of capital, stock price crash risk. However, in an industry where competition is intensified and change is required, it seems that if a firm makes a strategic deviation for survival and growth, it has a positive effect on firm value.
 [Methodology]Industrial factors were measured using the intensity of industrial competition, barriers to entry, and degree of monopoly used in the study by Jung et al.(2014), and strategic deviance was measured used by Tang et al.(2011). In addition, the Tobin Q was used for firm value, and the target for analysis was selected non－financial listed firms with December settlement of accounts from 2011 to 2020.
 [Findings]As a result of the analysis, it was found that strategic deviance and industry factors affect firm value. It was found that the industry competition and the concentration affect strategic deviance and Tobin Q. Strategic deviance was found to have a positive effect on corporate value as the intensity of industry competition intensified and the industry concentration was low.
 [Implications]This prior studies on strategic deviance showed negative results on firm value or performance from the CEO’s opportunism. This study proposes that strategic deviance effects relation to the factors of industries.