경영자 지분율에 따른 이익정보가 기업가치에 미치는 영향

This study examines whether management ownership has influence on book value and abnormal earnings, and on firm value. This study, unlike previous studies, uses shareholding ratio of the management to analyse the relation between two factors(book value and abnormal earnings) and firm value. In addition, we also verify the impact shareholding ratio of the management on value relevance according to firm size. Major results of this study are as below. Firstly, in terms of the relation between book value and firm value, it has relatively low relevance in the group, which is consisted of over 20% of shareholding ratio. However, in terms of the relation between abnormal eranings and firm vale, there is no difference according to shareholding ratio. Secondly, we also divide samples into two groups on the basis of asset size：under 2 trillion won or over. According to size and shareholding ratio, in case of book value, the value relevance has relatively low in the group, which is consisted of over 20% of shareholding ratio and large size firms.