외국인 지분이 기업가치에 미치는 영향 : 한국채택국제회계기준 도입 전후기간을 중심으로

This study analyzes the effect of foreign share ownership on firm value, taking the pre and post adoption periods of K-IFRS into consideration. The study also excludes the K-IFRS transitional periods from 2009 to 2012, which may misrepresent the sample period analyzed. Thus, this study empirically tests the influence of foreign ownership on firm value during the adoption period from 2005 to 2008 and the post adoption period from 2013 to 20016. In the analysis of the entire sample period combining pre and post adoption, the foreign ownership has positive effects on firm value. This result does not change for the analysis of testing pre adoption period and post adoption period separately. Both results indicate that as the foreign ownership increases the firm value also increases, confirming the active monitoring hypothesis of foreign shares. These results also imply that K-IFRS adoption enhances, to some extent, the accounting transparency and comparability which are closely related to investors’firm valuation. In the analysis of the sample firms only with foreign ownership, the foreign ownership has positive effects on firm value, showing the similar result to that of the entire sample of combining with and without foreign ownership. For test of the sample firms only with foreign ownership, the adoption of K-IFRS also has positive effects on firm value. These findings provide an evidence that foreign ownership and K-IFRS adoption have positive effects on firm value, strongly supporting the active monitoring hypothesis of foreign shares.