외교적 갈등이 기업가치에 미치는 영향에 관한 연구: 사드(THAAD) 배치에 따른 이슈를 중심으로

This paper addresses empirical evidences on the effects of diplomatic conflicts with neighboring countries on the value of industry and corporations. After the Cold War era, diplomatic conflicts among countries are increasingly being treated as economic sanctions, and Korea-China conflict over THAAD deployment is proceeding similarly. As such, diplomatic conflict can have a significant impact on the stock and financial markets of the country, and is viewed as a potential risk to industries and firms. However, there is no concrete and empirical research on the extent to which these diplomatic conflicts actually have an impact on the value of each industry and firm. One reason is that it is unclear about the specific measures that can be used to verify the link between the countries subject to diplomatic conflict and domestic firms. In this study, we examine the effects of diplomatic conflict on corporate value by using an event study with World Input Output Table, history of company analysis and web scraping. As results, in the case of diplomatic conflict, we find no evidence of positive relationship between the industrial relations and corporate values. However, there is a negative impact on corporate value, whether investing in China through affiliated companies, inherent sensitivity of individual companies, and high exposure to news related to THAAD.