코스닥 기업의 해외 및 국내 IR 활동이 기업가치 제고에 기여하는가?

초록

This study examines the impact of KOSDAQ-listed Korean companies' investor relations (IR) activities on stock prices during the recent period between 2010 and 2014. The main empirical results can be summarized as follows. First, IR activities both at home and abroad had a positive impact on stock prices. Second, domestic IR activities more positively affected stock prices than overseas IR activities, especially in the short-term period around the IR dates. Third, the firms with far lower foreign equity ownership had better focus on domestic IR activities than overseas IR activities. Fourth, individual firm-sponsored IR activities showed better stock price impacts than KRX-sponsored ones. Fifth, in the cross-sectional regression between firm-specific variables and CARs from IR activities, foreign investor ownership was negatively associated with CARs, which means that firms with higher foreign equity ownership had less positive benefits from IR activities, partly attributable to less information asymmetry between foreign and domestic investors or management. Sixth, more profitable firms benefitted more from IR activities. Last but not least, frequent IR activities during the same quarter had less positive impact on stock prices, but larger firms had more positive impact from overseas IR activities. To conclude, this study suggests that small and medium-sized Korean firms listed in the KOSDAQ market should actively engage in IR activities in order to improve the firm’s values. The longer-term effect of IR activities should be examined as a future research topic.

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