국내외 기관투자자의 지분율 및 투자기간과 기업가치와의 관계

초록

[Purpose]In this study, we aimed to analyze the relation between institutional investors’ ownership, investment horizon and firm value. [Methodology]In relation to institutional investors, we categorized them into domestic and foreign institutional investors, and we used Tobin’s Q and PBR as proxy variables for firm value. [Findings]We found the following empirical results. First, we found a significant and positive relation between institutional investor ownership and firm value. Second, in the case of domestic institutional investors, a significant and positive relation was found, but in the case of foreign institutional investors, the relation was a positive one but not significant. Third, long－term institutional investors’ ownership and firm value showed significant and positive relation. Fourth, the relation between foreign institutional investors’ ownership and firm value were not significant in both the short－term and long－term investment horizon. [Implications]As for institutional investors’ impact on firm value, it differs depending on the types of institutional investors, i.e., domestic institutional investors and foreign institutional investors. We also found that there was some difference in the impacts depending on the investment horizon of institutional investors. We suggests that this study shed some light on the reason for the previous studies’ conflicting research results.

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