Hospitality기업의 외국인지분율이 기업가치 및 이익의 질에 미치는 영향

The purpose of this research is to examine whether the foreign investor ownership is the main determinant offirm value and earnings quality of companies in the hospitality industry listed on the KOSPI and the KOSDAQstock market. The financial data and the stock price data were collected through the Electronic Disclosure Systemof the Financial Supervisory Service and KIS-Value. The results are as follows. First, foreign ownership hadstatistically significant positive effects on the corporate value and the earnings quality. Second, the companies withhigh foreign ownership reported greater values in terms of the mean value of the corporate value and the earningsquality than those with low foreign ownership, and the differences were statistically significant. The overall resultsof this research indicate that foreign investors do play a role as an effective external monitoring system whichimproves corporate information environment, and they are major determinant factors influencing the earnings qualityand the firm value of hospitality companies. This research has significant implications in that it is the first researchrelated to the ownership structure of the hospitality industry, and it overcame the limitations of the prior researchthat most of financial and accounting research in the hospitality industry focused on the financial ratio analysis basedon the book value of the financial statements. Based on the results of this research, the management of hospitalitycompanies should hold diverse investor relations(IR) to induce foreign investors, and private investors shouldpositively consider or perform investment decision making in such companies, thus increasing the equity ratio offoreign investors.