명성비용이 주가정보성에 미치는 영향

Abstract

[Purpose] This study analyzed the effect of reputation cost on stock price information. The cost of reputation is a direct or indirect cost borne by the general public to ensure that the corporate image is positively formed or to offset the negatively formed corporate image. If investors reflect their reputation cost expenditure information in future profit expectations, it will eventually affect the stock return and increase the future profit response coefficient. If reputation expenditure simply lowers the possibility of a tax audit by the tax authorities and alleviates the negative impact on corporate value caused by aggressive tax avoidance, as in the results of a study by Hwang Bo－young and Jeong Gyu－eon (2021), the future profit response coefficient will not decrease or show significance.
 [Methodology] In order to achieve the research purpose, 17,687 annual－ samples of companies that meet the analysis conditions among companies registered in the KOSPI and KOSDAQ securities markets were conducted from 2002 to 2018. As for the reputation cost, as in Hwang Bo－young and Jeong Gyu－eon (2019), the residual excluding the portion used for marketing compared to sales was used.
 [Findings] The empirical analysis results showed a significant positive (＋) relationship between reputation cost and stock price information. This means that the cost of reputation has a useful effect on stock price information. In response to these results, this researcher is considered to be the result of properly reflecting future profits on the current stock price by reducing uncertainty to investors’ spending on reputation costs.
 [Implications] There are not many domestic empirical studies verifying the economic effect of reputation costs, and no empirical studies have been conducted on the effect of reputation costs on stock price information. This study has contributions and implications in that it analyzed whether the reputation cost provides useful information for investors to form expectations of future profits.