일반지주회사의 가치관련성 수준

Abstract

[Purpose]This paper examines value relevance of holding companies out Monoploy Regulation and Fair Trade Act(hereinafter general holding companies). For this purpose, we compare the difference of value relevance between general holding companies and MRFTA holding companies and investigate change of value relevance after transition into holding companies respectively. [Methodology]Samples are selected among listed holdings companies from 2011 to 2022 and number of samples is 63 per year, which consist 16 holdings out MRFTA and 47 holdings in MRFTA per year, and 756 firm－year observations. [Findings]The results are as follows. First, value relevance of general hoding companies is lower than that of MRFTA holding companies in terms of book per share(BPS). Second, value relevance of the general holding companies is significantly decreased after transition into holding company in terms of earnings per share(EPS). Third, the result of 2SLS analysis is the same with those of the main analysis. [Implications]As the contribution of the precedent researches, this research examines value relavance of general holding companies in Korea for the first time. The results of this research emphasize low earnings quality in MRFTA holding companies is negative influence on value relevance of companies.