강소기업의 최대주주지분율과 가치관련성

초록

This study investigated the largest shareholders’ ownership and value relevance of hidden champion firms announced by the Korea Exchange in order to empirically examine interest convergence hypothesis and managerial entrenchment hypothesis on ownership of the hidden champion. Further, this study analyzed differences in the value relevance of the largest shareholders’ ownership between hidden champion firms and control firms to examine whether interest convergence hypothesis and managerial entrenchment hypothesis were differentiated between hidden champion firms and control firms. This study analyzed the largest shareholders’ ownership and value relevance of hidden champion firms using samples of hidden champions selected by the Korea Exchange during 8 years (2010～2017). Specifically, using the propensity score matching(PSM) method, this study analyzed differences in the value relevance of the largest shareholders’ ownership between hidden champion firms and control firms selected by the propensity score matching method corresponding to the hidden champion firms. The results of the study are as follows: First of all, firm values of hidden champion firms significantly increased when the largest shareholders’ ownership were getting higher. Therefore, interest convergence hypothesis was established on the ownership structure and firm values of hidden champion firms. However, results of analysis on total sample firms including hidden champion firms as well as control firms showed that the firm values significantly decreased when the largest shareholders’ ownership were getting higher. Thus, in general, managerial entrenchment hypothesis was established on the ownership structure and firm values. Also, there existed significant differences in the value relevance of the largest shareholders’ ownership between hidden champion firms and control firms. Specifically, firm values of hidden champion firms significantly increased according to increase of the largest shareholders’ ownership, which robustly supported interest convergence hypothesis. The results of the study provide timely implications for the policy of fostering small and medium－sized firms as well as hidden champion firms by newly shedding light on the association between value relevance and the largest shareholders’ ownership of hidden champion firms.

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