재무분석가의 분석활동은 Hospitality 기업가치 제고에 공헌하는가?

This study investigates whether the research activity of financial analysts contribute to increasing firm value of hospitality companies listed on the KOSPI and KOSDAQ market. Twenty sample companies classified in the hospitality industry are selected from the KOSPI and KOSDAQ market list. A total of 339 firm-quarterly financial data and 1,353 financial analysts’ earnings forecast data during a six year research period, from the first quarter of 2012 to the fourth quarter of 2017, are put into the empirical analysis. OLS multiple regression was performed to investigate the research hypothesis using the SAS program. The number of analysts following a firm, the number of research reports issued, and forecast accuracy were employed as a proxy for financial analysts’ research activity (independent variable), and Tobin’s Q as a proxy for firm value (dependent variable). Our overall results can be summarized as follows. Hospitality firm value is significantly higher for firms with larger analyst coverage (number of analyst following a firm and research report issued) and higher forecast accuracy (lower forecast error). This finding supports that more frequent and accurate research activity of financial analyst contributes to enhancing hospitality firm value. Our findings have several contributions. First, it contributes to the necessity and importance of making use of financial analysts strategically. Hospitality company mangers who want to increase firm value should communicate pro-actively and build up close relationships with financial analysts. Second, it contributes to the improvement of investors’ optimal decision making. Investors must select hospitality firms with larger analyst coverage and more accurate earnings forecasts in research report for maximizing investment returns.