기업가치에 영향을 미치는 두 가지 측면의 기관투자자 집단

Here, we examines the impact of firm value according to the investment objectives of institutional investors. In accordance with the investment objectives of institutional investors, more specifically, We classify two groups of institutional investors group. 1) Pressure sensitive institutional investors group(it is willing to establish business relationship with the investment companies), 2) Pressure insensitive institutional investors group(it is completely independent of the business relationship only consider the firm value of the investment companies.)For Analysis, the 670 companies listed on the stock market in Korea were finally selected. With respect to the selected companies, we was extracted from the financial and accounting data during 6 years from 2007 to 2012. we have analyzed these data by using the fixed effects model of the panel data analysis. According to the results of analysis, Pressure sensitive institutional investors group showed a negative(-) relationship with the firm value statistically significant at 5% level, respectively. And Pressure insensitive institutional investors group showed a positive(+) relationship with the firm value statistically significant at 5% level, respectively. Thus, Pressure sensitive institutional investors group to monitor the management of the investment company, rather than trying to strengthen business relationships. On the other hand, Pressure insensitive institutional investors group contributes to the improvement of firm value by management to monitoring and controlling.