Abstract
This study focuses on the investment horizon of institutional investors in verifying the effect of corporate value on institutional investors, and empirically analyzes the effect on corporate value according to the investment horizon of institutional investors. From 2011 to 2018, we utilize the annual data of 631 companies listed in KOSPI. First, the interaction variables of the investment horizon variables and the rate of the institutional investor shareholding were added to confirm the relationship between the corporate value and those variables. Second, the relationship between the institutional investor ownership and the corporate value was verified after two divisions of the entire sample into long-term and short-term investor groups over the period of the institutional investor's investment. Third, in order to address potential endogeneity concerns, the robustness test was conducted by verifying the relationship between the institutional investor ownership and the corporate value using the 2SLS method.
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